Commercial Real Estate Investment/Refinance of office Question

I am considering refinancing my office condo. I opened a business about a year ago but was forced to close it down. I own the office condo and I am looking to reduce monthly mortgage payment. My current lender has agreed to reduce the amortization term from 10 yr to a 20 yr term, thereby reducing monthly costs by about $500. I would have liked a 30 yr amort term given that I'm trying to sell and/or lease the property asap (very tough times), so there's sense in saving as much as possible. There's an existing 3% prepay penalty in place for another 2 years, so if I refinance I would be paying the penalty and would be accrued to my existing balance (an additional $3,300 or balance to the balance). I'm paying a rate of 6.79%. The new term of the commercial loan would not include a prepay clause, which is good, so the prepayment would only take place once. We're not talking big money, remaining balance is $110,000. Even though it's not big mortgage, monthly expense of $1,390 in mtg is significant, specially for a property that's not producing anything. Taxes + condo fees + insurance, adds an additional $9,000+ per year.When I opened the business I told the lender I would run a business, however it failed. Would another lender agree to finance this office condo under the circumstances I am facing? I don't plan to do anything in this office, except sell it or lease it. But again I would prefer a 30 yr term amortization and perhaps a better rate than my current 6.79%. That's my goal. Just not sure if it's worthwhile searching for another lender.By the way, the loan is personally guaranteed by my spouse and myself. We have EXCELLENT credit, we just want out. We are based in New Jersey.Your advise will be appreciated!Alex by alexnj8855 from Boonton, New Jersey. Apr 6th 2011 Reply