Loan rate to adjust every 36 months

[Ayyoub Ajmi]

Hello.

I'm working with a bank for a commercial loan and they are offering what I think is a variable rate every 36 months:

Rate: WSJ Prime rate plus 0.5% (Currently 3.25 + 0.5 = 3.75%)

Rate to adjust every 36 months

Term: 240 months

Is my understanding correct? I'm not comfortable with a variable rate especially when it will only go up from now. Can I request it to be fixed?

I would love to hear your opinion.

Thank you.