Commercial Financing 101

Not a day goes by right now that I don't get a call from a new client stating that they are looking for long term, fixed rate mortgage financing from their local banker, and the best they can get is a 5 year deal, if anything. And to add insult to injury, the banker is trying to convince them that short term money on a long term asset is a good idea. Maybe its just me, but  short term finanacing on a long term asset is illogical. Case in point, look at the borrowers that locked down 5 year mortgages on any commercial asset back in 2003. They are scrambling now to find a home for that same debt. With 10-20 year fixed rate monies, that fear/concern can be put on the back burner for quite sometime. Don't fall into the local banker trap, put your mortage on a long term, fixed rate note and rest easy at night.