What do you do at the end of a commercial loan term?

[Welsh Tucker]

I am invested in the single family space but looking to expand into 5+ unit properties. My questions are around the loan terms. Here’s an example of a property I’m looking at: $600K list price with 6 units.

With commercial loan terms being mostly around 5-10 years, I get worried about what happens at the end of that term especially with interest rates where they are. My understanding is that at the end of the 10-year term, you have a few options: refinance, sell or pay the property off.

I would prefer a 30-year fixed loan like what we see in residential - is it easy to get a product like this for a property like the one above and is the rate different? What do investors typically do for this type of property? Just get the shorter term and refinance?

I’ve always liked the idea of having the property paid for in full at the end of its term.