We currently have a balloon mortgage on a Chicago investment property, and this mortgage is up on 3/18/10. I'm searching for the lowest commercial mortgage rate. We were going to sell this property within the last year, but due to property values have decided to hold onto it for a little while. Any advice?

Assuming by "investment property" you mean a 5+ unit apt or a mixed use true commercial property you are asking a question that is very difficult to answer. qualifying guidelines for these types of loans are dependent on the income ability of the property and the DSCR or debt service coverage ratio.If you mean a non owner occupied residential property with 4 units or less than you need to speak to a residential lender. if you wish to contact me direct with more question I can be reached at LHARVEY@ADVISORSMORTGAGE.COM. I can originate both commercial and residential properties.

If this is a residential investment property you wouldnt need to get a commercial loan. I dont do commercial loans so I wouldnt have an answer for you on that type of property. Some Balloon products have an automatic roll over if you havent paid it off in before the balloon date. You should read your note to see if that is the case with you loan. If not you would want to stick with a rate/term refinance with a product that provides you more time to sell. You will have to pull the property off the market and depending on the lender may be limited on your total loan to value since it was listed.