5 Year Balloon Mortgage Pros/Cons

[Landon Kohlrusch]

Hello,

I am currently looking into buying my first investment property (potentially small multi-family). I have bought my Primary Residence and another 82 acre land purchase thru a local bank in which i have gained a pretty good relationship with them. I am currently being told my only option for financing an investment property is with a 5 year balloon amortized over 25 years with 20% down payment. Can someone please let me know opinions on pros vs. cons for this type of lending and if you think i should be looking into different options. I would like to get into a 30 year fixed rate but I'm not sure if that is an option for me in my area. Any help/advise is greatly appreciated!

Thanks,