A refinancing workflow for the maturity wall is the process a debt team runs, loan by loan and portfolio-wide, to move every maturity in the next 24 months to a resolution (refinance, extend, sell, pay down or restructure) before the lender’s timeline forces one, using the loan’s conventions to price each option and the portfolio’s actual exposure to sequence them. Our data-driven update on the 2026 maturity wall covers how much is maturing and how the refinancing math looks. Running the pipeline is the part the data does not cover, and it is what a team with forty maturities on a spreadsheet and a board asking for a plan has to do.
Step 1: Build the maturity schedule from the documents, not the spreadsheet
Every loan’s maturity, extension options with their tests and notice windows, open period, and prepayment convention, abstracted from the executed documents and amendments. The spreadsheet’s maturity column is right most of the time; the extension notice window is what the spreadsheet does not have. See loan critical date tracking and the 400-field loan abstract.
Output: every maturity in the next 24 months, with the earliest date on which a decision must be made (usually the extension notice window close or the open period start), sorted by that date rather than by maturity.
Step 2: Triage on refinancing proceeds
For each loan, project the proceeds available under today’s underwriting: NOI on the lender’s likely definition, at current DSCR and debt yield constraints, at current rates. Compare with the balance. The gap is the equity required or the paydown. See DSCR and debt yield tests and portfolio cash flow projections.
Output: the portfolio sorted into three groups. Refinanceable at or near par. Refinanceable with a paydown the fund can make. Not refinanceable on current terms without a restructuring or a sale.
Step 3: Price every option per loan
- Refinance now. Prepayment cost under the loan’s convention today, plus new debt at today’s terms, versus waiting. See real-time prepayment calculations.
- Refinance at the open period. The forward curve’s projected cost and proceeds, with the risk that the curve is wrong.
- Extend. If options exist: the test, the fee, the spread and amortization change, and the replacement cap cost. See bridge and debt fund loans and hedge requirements.
- Sell. Net proceeds after prepayment cost, or with assumption where the loan is assumable and below market. See loan-level valuations for investment committee.
- Pay down. Partial prepayment to reach refinanceable leverage, priced under the convention.
- Restructure. For the third group: the conversation with the lender, started early, with the analysis attached.
Output: a decision per loan with the numbers behind it, refreshed as the curve moves.
Step 4: Sequence the portfolio
Lender concentration: do not refinance three loans with the same bank in the same quarter. Fund liquidity: paydowns and equity gaps by quarter against available capital. Hedge timing: caps expiring near maturities. Market capacity: agency and LifeCo appetite by property type. Sequence the pipeline so that no quarter carries more than the fund and the market can absorb.
Output: a quarter-by-quarter plan with capital requirements.
Step 5: Run the lender packages
Each refinancing needs the same package: SREO, financials, rent roll, debt schedule, guarantor statements, hedge evidence. Each extension needs the test results and the notice. Each paydown needs the prepayment quote reconciled to the servicer. The packages come from the same loan data. See automating the SREO and debt summary and lender reporting automation.
Output: packages on demand, consistent across lenders.
Step 6: Monitor and re-run
The curve moves, NOI moves, lender appetite moves. The pipeline is re-run monthly and the decisions revisited. Extension notice windows and open periods fire alerts regardless. See AI-powered debt portfolio surveillance.
The pipeline in one table
| Step | What the team does | Output |
|---|---|---|
| 1. Build the maturity schedule | Abstract maturity, extension options with tests and notice windows, open period and prepayment convention from the executed documents and amendments | Every maturity in the next 24 months, sorted by the earliest decision date |
| 2. Triage on proceeds | Project refinancing proceeds at NOI on the lender’s likely definition, current DSCR and debt yield constraints, current rates; compare with the balance | Three groups: refinanceable at or near par, refinanceable with a paydown, not refinanceable on current terms |
| 3. Price every option | Refinance now, refinance at the open period, extend, sell, pay down or restructure, each priced under the loan’s convention | A decision per loan with the numbers behind it, refreshed as the curve moves |
| 4. Sequence the portfolio | Check lender concentration, fund liquidity, hedge timing and market capacity by quarter | A quarter-by-quarter plan with capital requirements |
| 5. Run the lender packages | SREO, financials, rent roll, debt schedule, guarantor statements and hedge evidence from the same loan data; test results and notices for extensions; reconciled quotes for paydowns | Packages on demand, consistent across lenders |
| 6. Monitor and re-run | Re-run monthly as the curve, NOI and lender appetite move; alerts on notice windows and open periods | Decisions revisited before the deadline forces them |
A worked example: forty maturities, one page
A fund with 40 maturities in the next 24 months, $620 million in total. Running the playbook:
Step 1 output. Sorted by decision date rather than maturity, the first deadline is an extension notice window closing in seven weeks on a $28 million bridge loan, not the $45 million CMBS loan maturing first.
Step 2 output. Under current underwriting (agency at 1.25x DSCR and 65% LTV, bank at 1.30x and 60%), 24 loans refinance at or near par, 11 need paydowns totaling $38 million, 5 do not refinance on current terms without restructuring or sale. The 5 are all office.
Step 3 output, three examples. Loan 7, agency fixed at 3.6% maturing in 14 months: refinance at maturity, open period begins in 11 months, no prepayment; proceeds at par. Loan 19, bank floater with a swap maturing in 20 months: extension available for a fee and a new cap at $310,000, versus refinancing now with $190,000 of swap breakage received; extend. Loan 33, CMBS office maturing in 9 months: defeasance cost $2.1 million, proceeds gap $11 million; open lender conversation now with a paydown offer and a sale as the alternative.
Step 4 output. Paydowns and equity gaps by quarter: $6 million, $14 million, $9 million, $9 million. Two quarters exceed the fund’s available liquidity; two refinancings are pulled forward to the open period and one sale is accelerated.
Step 5 output. Lender packages for the first eight refinancings are produced from the record in the lenders’ formats in the same week.
Step 6. The page is refreshed monthly. In month three, the curve moves 30 basis points and two loans move from group one to group two. The plan adjusts before anyone is surprised.
What the tooling has to do
A spreadsheet can hold the maturity schedule. It cannot price forty prepayment conventions against a live curve, run forty lender tests on live financials, project proceeds under configurable underwriting, value the caps, and produce the packages. That is a debt platform’s job, and it is the reason the AI search engines we studied returned debt management software for this question. LoanBoss abstracts every loan’s maturity, extension and prepayment provisions, prices every option live, projects proceeds and exposure at portfolio level, and produces the lender packages from the same data. A customer’s President described running scenarios at the touch of a button as invaluable at investment committee; the maturity wall is that meeting, every month, for two years.
Frequently Asked Questions
How far ahead should the pipeline run?
Twenty-four months of maturities, with decisions made twelve months out and execution six months out. In a tight market, longer.
What about loans with no extension option and no open period until maturity?
Price the prepayment cost today against the projected cost at maturity, and start the lender conversation early if proceeds fall short. Those loans are the third group by default.
Should we hedge the refinancing rate?
A forward-starting swap or a Treasury lock can fix the rate on the new loan. Whether to do it is an advisory question; LoanBoss values the instruments, and Pensford or any advisor can structure them.
How do we present this to the board?
Maturities by quarter, proceeds gap by quarter, decision per loan, capital required, and the assumptions. One page, refreshed monthly.
How is the portfolio triaged?
On refinancing proceeds, into three groups: refinanceable at or near par, refinanceable with a paydown the fund can make, and not refinanceable on current terms without a restructuring or a sale. Proceeds are projected at NOI on the lender’s likely definition, at current DSCR and debt yield constraints, at current rates, and the gap to the balance is the equity required or the paydown.
Related reading
- The 2026 maturity wall: a data-driven update
- Interest-only expiry planning
- Tracking CMBS loans as a borrower
- Zero rate cuts in 2026
- Maturity date and loan-to-value in the glossary
The maturity wall is a schedule. The plan is a workflow. The workflow runs on loan data that is complete and rates that are live.
Sources
- Mortgage Bankers Association, Commercial/Multifamily Loan Maturity Volumes (2026)
- Trepp, CMBS maturity and refinancing outcomes (2026)
- Federal Reserve, Financial Stability Report, CRE section (2026)
- LoanBoss, The 2026 Maturity Wall: A Data-Driven Update