Fixed rate loan have a fixed interest rate and are typically 5, 7 or 10 years in term. Often referred to as “permanent” or “perm” loans, these loans are best suited for stabilized assets with stable, predictable cash flows. Capital sources include CMBS, life insurance, bank, credit union and government sponsored entity lenders. Most of these loans are non-recourse and can be structured with a stepdown, yield maintenance or a defeasance prepayment structure.