I've heard of short term financing (5 yearsish) with balloon payments at the end being a problem, as people expecting to just refinance at the end haven't been able to, but I didn't realize people were taking out interest-only CRE mortgages that were like Option ARMs, with the payment recasting after a
set period of time (the letter writer seems to be confused about he terms of the mortgage, so it isn't completely clear).
