Loans with no interest rate cap? Too much of a risk?

[Alejandra Roca]

It's our first time applying for a commercial loan. The bank is offering 6.5% 15 year loan, where the first five years are fixed, but after that it becomes a variable rate. The caveat is that there is no cap on the rate. It could change to any percentage at any point during the lifetime of the loan. If the rate does increase to a ridiculous amount, the out would be to re-finance. But paying closing costs twice within 5-6 years would completely diminish any profit made by the investment. Does anyone have experience with no-cap commercial loans? What advice could you offer?