How to protect assets in a recourse loan? Or is non-recourse best

[Ben Bakhshi]

We are deciding between several loan options in the ~75% LTV range.

Non-recourse options are ~1% APR higher than full recourse.

We are also leaning towards fully amortized 30 year options, as opposed to their 5 and 10 year counterparts, looking at ~6.75% APR for 30 year full amortization vs 5.75% for a 5-year interest only vs 6.25% for a 10-year io. We are leaning towards the 30 year for long term stability and locking in rates. My only concern is that if we want to refinance within 5 years we would have gained nothing by going 30-year, but we like the stability.

I want to keep my family safe in case of default, but I don't want to be any more safe than I have to be.

Ways I think we can reduce our risk:

30-year fully amortization option, our risk of default goes down significantly compared to 5 and 10 year options. We won't be forced to refinance or sell at any point unless we cannot meet our monthly debt obligation. The 5 and 10 year options on the other hand could leave us stuck at the end of term in the middle of a recession, then we would be SOL, right?

Are there any legal measures that I can take to protect personal and business assets in case of default of a recourse loan? I have heard whispers of utilizing a corporate umbrella, or a private REIT, and will begin researching the subjects further.

Any advice would be greatly appreciated!

Thanks gang!