re: 5yr. Balloon Loan w/ 10yr. Amort. (Any hidden things I should worry about?)

Sometimes they do. Sometimes they don't. I don't assume that it's guaranteed. The bank holds the cards in a case like this. If market or economic conditions drastically change, that refi option may not be there. On commercial real estate loans, I've always tried to have another lender lined up well before the balloon date. Unless the loan is tied to an asset that I can liquidate, I'm a little shy about doing them these days. But hopefully this fellow's plan works out and he'll have it paid off by or before the balloon date.