Kingside. Just got off the phone with finance at marcus and millichap. They are still making non-recourse loans without personal guarentees, especially in apartments. There is no difference in california. I don’t know if the % is changing with the impending baloon payments from the peak from 2005 or not. In regards to another blogger who commented that commercial borrowers are wealthy peolpe who should morally pay the loan off, in a perfect world I agree. As I have said though, the history of commercial loans is that a significant number have historically been non-recourse so buyers have come to expect that, with the market values reflecting the increased demand for commercial properties as a result of the less risky loan to the borrower. Back to work I go….