Commercial rate-and-term refinance
A maturing balloon, a bridge loan that's done its job, or a payment that no longer fits. A rate-and-term refinance replaces your current loan without taking cash out.
At a glance
| Common reasons | Balloon maturity, moving off bridge or construction debt, changing term or amortization, removing a partner or guarantor |
|---|---|
| Property types | Multifamily, mixed-use, retail, office, industrial, self-storage, hospitality and more |
| Documentation | Full documentation, bank statement, or no-doc / DSCR |
| Prepayment | We'll check your current loan's prepayment penalty or yield maintenance before recommending anything |
| Where | Nationwide, subject to state law |
Start early
Commercial refinances usually take 45 to 75 days, and longer if an appraisal or environmental report is needed. If your loan matures within the next six months, now is the time.
What we'll ask for
- Current mortgage statement and the maturity date
- Rent roll and trailing 12-month operating statement
- Two years of property or business tax returns, or bank statements, depending on doc type
- Insurance declarations page
No rates are quoted on this site. Terms depend on the property or business, documentation option, experience and market conditions. We'll give you real numbers after reviewing your application.
Questions about rate-and-term refi loans
When should I start a commercial refinance?
Ideally four to six months before your balloon date or the end of your interest-only period. That leaves time for appraisal, environmental review and underwriting without pressure.
Will a prepayment penalty affect my refinance?
It can. Many commercial loans have step-down penalties or yield maintenance. We'll read your note and include the cost in the comparison.
Can I refinance a property with vacancy?
Often, but leverage may be lower until occupancy stabilizes. Tell us current occupancy and your lease-up plan in the application.
Other programs
Tell us about your project.
About 15 minutes. No Social Security number or bank account numbers. Saves as you go.