Financing for a commercial unit

[Drew G.]

Hello All,

I am the beginning stages of purchasing my first commercial/residential unit. The building has 4 commercial units and 2 apartments above the commercial units.

I have spoken to a few local banks about financing and have found these two options to be common.

20% down

4.99% for 5yrs. Then after 5 years variable. 20 year term
Or
5.99% fixed for 10yrs and resets after that.

This is my first time doing this and wanted to get your opinion! Thank you in advance.

John F.