Commercial Loan Question

[Andrew Yu]

I have 2 properties currently financed with a private lender, wanting to refinance with a bank commercial loan for longer term. But the bank is only offering 5 years fix rate with 15 years amortization schedule.

Does this mean I need to do a whole new closing, and get those 2 properties appraised again every 5 years? 

Also after the initial 5 years, does it start a new 15 years amortization schedule, or it only has 10 years left to amortize over? 

Last question is, can I sell one property, and leave the other property and existing mortgage in place? Or I have to pay off the loan? Or I have to sell 2 properties together?

[Brian Ploszay]

First, the bank will probably renew your loan.   With commercial banks, 5 years is typical.  Of course, we want longer.  

Read the print.  And ask the bank:  If I sell one of the properties, what happens?  With my first bank, they took the proceeds and applied it to the other property.