What are typical lending rates - commercial loans $500k-1m range

[Josh Thomas]

Hi BP! I'm an experienced investor (3 MF deals) with excellent financials and credit. However I'm having a hard time getting any decent rates among community banks where I'm looking to purchase apartment deals of 5-20 units that easily cash flow from day one. Some are asking up to 40-50% down, most include prepayment penalties, and are in the 6.5 - 7.5% interest range with 5 year balloon, 20 year am, full recourse. Does that sound right? Is there a 'bankrate' type website for commercial loans I can compare rates? Is it possible to get rates closer to conventional numbers? Maybe I should instead try to get a SBA loan and target complexes over $1M?