Commercial loan questions, terminology

[Donald S.]

Hi everyone, I had a few questions specifically for Commercial loans. 

If the bank says they'll finance 80% LTV based on their appraisal, that doesn't mean they'd finance 100% of the deal if I got a low enough offer price does it? They'd still cap out at 80% requiring a down payment, i.e. apprasied value 200k, but I'm buying it for 160k, they would still only finance 128k and want me to cover the other 20% correct?

How do people pay off a 5 year balloon, just refinance if you don't have the capital? I suppose this is a way for the bank to make more over time, expecting you to have to refi at a higher interest rate? 

The bank requires rent rolls and operating statements for the property, so I should negotiate the deal 1st, get it under contract contingent on financing and then go to the bank? As opposed to getting a preapproval like I would with a conventional mortgage. 

Anything else I should look for or ask about for commercial loans?