Refinance comercial property without balloon

[Stathis Karidakis]

Hello everybody

I own 21 units (fully paid off) and I would like to refinance without a balloon.

Is there such a thing?

I would prefer to cash out 70% or more and have a mortgage for 30 years fixed but without a balloon 5 or 10 years... I live in sc

I would appreciate any help

[Eric Van Deman]

Without using the Fannie or Freddie product mentioned above, you likely won’t find a lender who will fix the interest rate for that long. Some lenders will have a longer term loan, for example amortizing over 25 years where the interest rate resets every 5 years or so. I have one of those loans on one of my commercial properties. Your available funding will also depend on location and condition of the property as well as the overall loan amount. If you want to PM me, I have a good commercial mortgage broker that I’ve used on a number of deals that operates nationwide.