Ideas on what do to with an unmortgaged building and no rents

[Kenny M.]

We just completed a building which was a total rehab at the beginning of March. No one is renting now due to the crisis, but the building was appraised at around 1.5m; which we own free and clear. We are a bit concerned about the pandemic and shoring up funds. We have reserve funds, but if we do not have rents coming in, we are going to have to tap those reserves.  Our bank is offering us a mortgage 75/25 at around 3.8% for ten years then balloons. The partners are mulling it over, but we really didn't want to mortgage the property when there are no rents yet. Granted, we'd just place the funds in the bank account for safe keeping; and to shore up reserves.

What do you guys think?