Jay Hinrichs, I hope you read this and could give me some advice.     

I currently own a 4-plex and a duplex in Utah and I'm working to 1031 exchange my properties into a 26 unit apartment complex.   In my intial research I called First National Bank and with a $1.5 million dollar loan this is what they offered.

$1.5 million loan, they require 25% down and they offer a 25 year adjustable loan.   Every five years the loan can adjust up/down.   Current interest rate is 5.25%.    Max interest rate is 12%

Here's my questions:

1- Is there any banks that do a "fix Interest loan" on an apartment complex of 26 units over 25-30 years?

2- When I negotiate this deal would I want to make sure the loan will have "individual release policy" because this property has 6.5 arces and 12 buildings.   If I want to sell off part of the units 5 years from now and pay down or pay off the loan.   

3- I also want to change the bank clause.  (Not sure if I'm stating this correctly) "no do on sales clause".   I believe there is a clause in multifamily loans that the banks can call your note due at anytime.   Have you ever had this waved before?

4- Going along with question #2, would you get with the local city before buying the property to see if they would separate the parcels before doing anything else?   I assume, yes. 

5- Lastly, what else would you do?  I know I will close between the 5th - 10th of the month and add the following to the contract: the buyer will receive prorated rent for the balance of the month after closing.   

Truly appreciate any advice.  

JJ