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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Before applying to refinance, verify the existing loan’s payoff terms, prove the property can support the proposed debt, and identify every cost and condition attached to the replacement loan. A refinance can lower payments or release equity, but a prepayment premium, weak coverage, a lower appraisal, new reserves, or a longer balloon exposure can reduce or eliminate the benefit. This U.S.-oriented checklist shows what to assemble, calculate, question, and compare; your note, lender, loan program, and local law control the transaction.
1. Start with the current note and a written payoff
Your existing loan documents determine whether you can refinance on your intended timetable and what it will cost to release the current lien. Request a formal payoff statement from the servicer rather than estimating from the principal balance shown on a monthly statement.
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Review these provisions in the loan documents
- Maturity date, extension options, extension fees, and notice deadlines.
- Required notice method and lead time for a payoff or prepayment.
- Lockout periods, defeasance, yield-maintenance, step-down premiums, or other prepayment restrictions.
- Outstanding principal, accrued interest, late charges, default interest, servicing fees, protective advances, and escrow balances.
- Release conditions for the mortgage, assignment of leases and rents, UCC filings, and other collateral documents.
- Any covenant breach, reporting default, or pending reserve requirement that must be cured before closing.
The payoff amount can materially exceed principal because of interest through the payoff date, fees, and a prepayment premium. Ask the servicer to state the payoff expiration date and the daily per-diem adjustment after that date. Keep the written statement with your closing file.
For example, Fannie Mae’s Choice Refinance term sheet identifies a prepayment premium for that product and allows it to be paid from new Choice Refinance proceeds. That is an example of one program’s treatment, not a rule for every commercial mortgage. Your executed note and its amendments control.
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2. Establish how much debt the property can support
A lender normally sizes a refinance against both repayment capacity and collateral value. Ask for the lender’s underwritten net operating income (NOI), annual debt service, loan amount, interest-rate assumption, amortization period, and any adjustments it makes to your operating statements.
Know the principal sizing ratios
| Measure | Calculation | What it tests |
|---|---|---|
| Debt-service coverage ratio (DSCR) | NOI ÷ annual debt service | Whether recurring property income covers scheduled principal and interest under the lender’s assumptions. |
| Loan-to-value ratio (LTV) | Loan amount ÷ lender-accepted property value | Collateral cushion if the property must be sold or the loan defaults. |
| Debt yield | NOI ÷ loan amount | Unlevered income relative to the proposed debt, without using an interest-rate or amortization assumption. |
The Office of the Comptroller of the Currency (OCC) describes DSCR as NOI divided by annual debt service and debt yield as NOI divided by the loan amount. It cautions that debt yield should be considered with prudent DSCR and LTV, not substituted for them: “Debt yield, when used, must be considered along with other criteria and loan amounts must always be supported by prudent DSCR and LTV ratios.” No single ratio is a universal approval threshold; property type, market, lender, loan structure, and risk appetite change the analysis.
Reconcile the lender’s NOI to your books
Prepare a bridge from your trailing twelve-month and year-to-date statements to the NOI the lender is using. Identify differences in vacancy, concessions, bad debt, management fees, repairs, utilities, taxes, insurance, capital expenditures, and one-time income. A lender may annualize recent results, normalize an unusual expense, or exclude revenue it considers nonrecurring. Resolve discrepancies before the appraisal and credit review, when corrections are easier.
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Have the lender or your adviser model the proposed payment with lower occupancy or rents, higher operating expenses, a higher floating rate, a shorter amortization period, and delayed lease-up. Compare stressed DSCR, cash flow after debt service, and required reserves with your actual liquidity. These are planning scenarios, not a claim that every lender uses the same formula. Ask which scenario controls sizing and whether a covenant is tested on actual, underwritten, or adjusted results.
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3. Understand the valuation and third-party reports
The replacement lender will usually rely on an appraisal and may require environmental, property-condition, survey, title, engineering, zoning, or other reports. Confirm the scope before ordering anything so you do not pay for a report that the lender will not accept.
Questions to ask about the appraisal
- Who selects the appraiser, and who pays the fee?
- What is the valuation date, intended use, property interest, and appraisal methodology?
- Will the lender use income capitalization, discounted cash flow, sales comparison, or a combination?
- Which rent roll, leases, expenses, vacancy assumptions, and market data must be supplied?
- How long is the appraisal considered current, and what events trigger an update?
- What happens if the value is below the amount needed to refinance?
A lower value can reduce proceeds even when operating income is unchanged because the LTV limit produces a smaller loan. Build a contingency plan: additional equity, a smaller payoff, a subordinate source where permitted, or a delayed closing while value-supporting repairs are completed.
Environmental and property-condition diligence
Federal Reserve standards for certain qualifying commercial real-estate loans include a written appraisal and environmental risk assessment. Fannie Mae multifamily materials for specified programs identify an appraisal, Phase I environmental assessment, and property-condition assessment among DUS reports, and also specify title insurance for Choice Refinance. These references describe particular regulatory or program contexts; they do not create a universal checklist for every asset or lender.
Ask whether a prior Phase I, building inspection, survey, or engineering report can be updated instead of replaced, whether recognized environmental conditions require a Phase II, and who must sign each report. Disclose known leaks, contamination, deferred maintenance, code issues, flood exposure, or open permits early. Concealing a condition can create a larger delay or underwriting problem than reporting it at the start.
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4. Assemble borrower, sponsor, and entity records
Commercial refinancing is underwritten to the borrowing entity and often to its principals and guarantors. Start a secure data room with documents covering ownership, financial condition, authority to borrow, and repayment sources.
Typical records to prepare
- Current entity chart, formation documents, amendments, good-standing certificates, and resolutions authorizing the refinance.
- Current and prior-year financial statements and tax returns for the borrower, guarantors, and relevant ownership entities.
- Personal financial statements, schedules of real estate owned, liquidity evidence, and contingent-liability information for key principals when requested.
- Current rent roll, executed leases and amendments, tenant arrears, security deposits, operating statements, tax bills, insurance declarations, and capital-plan information.
- Existing loan statements, payoff authorization, reserve balances, and evidence of required repairs or covenant compliance.
- Litigation, bankruptcy, environmental, insurance-loss, and property-management disclosures that could affect repayment or collateral.
Federal Reserve standards for covered qualifying CRE loans call for verification and documentation of the borrower’s current financial condition. Fannie Mae’s Choice Refinance materials describe review of borrower and key-party financial information for that product. The exact list, periods, and personal-guaranty requirements are lender- and program-specific, so obtain a written checklist and ask how recently each item must be dated.
5. Check title, liens, insurance, leases, and operating restrictions
The new lender must receive the collateral it bargained for, in the required priority and condition. Order a preliminary title report early and identify every lien, judgment, easement, restriction, and UCC filing that could prevent a first-priority mortgage or require a release.
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- Will the refinance mortgage be an enforceable first lien, and are any municipal, tax, mechanic’s, or association liens outstanding?
- Do surveys, legal descriptions, easements, access rights, and zoning support the existing use and proposed loan?
- Which assignments of leases, rents, contracts, fixtures, and personal property must be renewed or amended?
- Are there subordinate loans, preferred-equity rights, ground leases, or participation agreements requiring consent?
Insurance and leases
Confirm required property, liability, flood, wind, business-interruption, and other coverage; deductibles; insurer ratings; and the lender’s mortgagee or loss-payee wording. Federal Reserve standards for covered qualifying CRE loans address insurance and compliance with leases and related property agreements. Review whether major leases restrict additional debt, assignments, alterations, casualty proceeds, or changes in ownership. Do not assume a lease-consent or insurance checklist applies identically to every transaction.
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6. Compare the complete economics, not just the interest rate
Build a side-by-side term sheet that starts with cash actually available after the old debt and all closing requirements are paid. A lower note rate can still produce a worse outcome if it requires a large premium, funds reserves, shortens the maturity, or removes useful prepayment flexibility.
| Comparison axis | What to place on each offer | Why it matters |
|---|---|---|
| Net proceeds | Gross loan less payoff, prepayment premium, origination fee, legal and third-party costs, escrows, reserves, and required repairs. | Shows the cash available for equity, improvements, or other debt. |
| Rate and rate lock | Fixed or floating rate, index and spread if floating, cap structure, lock date, lock fee, expiration, and extension cost. | Determines payment certainty and exposure before closing. |
| Maturity and amortization | Final maturity, amortization period, interest-only period, and balloon balance. | A longer amortization may lower payments while leaving a larger balloon at maturity. |
| Sizing assumptions | Underwritten NOI, DSCR, LTV, debt-yield method, value, and stress assumptions. | Explains why two lenders offer different loan amounts. |
| Recourse and guarantees | Nonrecourse carve-outs, completion or carry guarantees, personal guarantees, burn-off conditions, and bad-boy provisions. | Defines when personal or affiliate assets may be exposed. |
| Covenants and cash management | Financial tests, reporting dates, lockbox or cash sweep, leasing covenants, replacement-reserve rules, and default triggers. | Can restrict operations even when payments are current. |
| Escrows and reserves | Tax, insurance, replacement, tenant-improvement, leasing-commission, and repair funding at closing and during the term. | Required funding reduces usable proceeds and affects liquidity. |
| Prepayment, extension, and assumption | Premium schedule, yield maintenance or defeasance, open periods, extension tests and fees, and transfer or assumption rights. | Determines flexibility if you sell, recapitalize, or refinance again. |
Ask each lender to show the same scenario: payoff on the planned date, identical reserve treatment, and cash to borrower at closing. Then calculate total dollars paid through an expected sale or refinance date, not only the initial monthly payment.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.7. Follow a controlled refinance process
- Map the deadline. Put maturity, notice, lock, appraisal, title, report, approval, and closing dates on one calendar. Include extension deadlines and a backup plan if the new loan is delayed.
- Collect the controlling documents. Obtain the note, amendments, current payoff, leases, title materials, insurance certificates, financial statements, rent roll, and existing reports.
- Request written lender criteria. Get the document checklist, eligible property and borrower requirements, sizing assumptions, recourse terms, reserves, rate-lock rules, and expiration dates.
- Model proceeds and stress cases. Reconcile NOI, calculate DSCR, LTV, and debt yield, and test lower income, higher expenses, rate changes, and different amortization.
- Authorize diligence. Confirm appraiser and report-provider approval before ordering appraisal, environmental, property-condition, survey, title, or engineering work.
- Resolve title, insurance, lease, and physical issues. Clear liens, obtain consents, repair material defects, and satisfy insurance wording before final underwriting.
- Compare final offers on one worksheet. Include fees, premiums, reserves, net proceeds, balloon balance, covenants, recourse, and future flexibility.
- Verify closing figures. Match the final settlement statement to the payoff expiration, lender fee letter, escrow funding, reserve deposits, and cash-to-borrower calculation.
- Confirm lien release. After funding, obtain evidence that the old mortgage and related collateral filings were released and retain the new recorded documents.
8. Common problems and practical responses
The payoff is higher than expected
Ask for an itemized payoff and the contractual clause supporting each premium or fee. Recalculate the closing date, compare the premium with the benefit of refinancing now, and determine whether proceeds can legally fund it. Do not close on an estimate.
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The appraisal is below the target loan amount
Check factual errors in the rent roll, comparable sales, square footage, expenses, and completed improvements. Request the lender’s appeal process, then model a smaller loan, additional equity, or a different amortization. Avoid assuming that a broker opinion or tax assessment will replace the lender’s appraisal.
Coverage fails after lender adjustments
Identify each NOI adjustment, separate temporary items from recurring costs, and provide leases or invoices supporting sustainable income. If the gap remains, reduce the loan, increase equity, improve terms, or postpone until documented operating improvements are reflected.
Reports or title work reveal a condition
Obtain the specialist’s written scope and cost, notify the lender, and ask whether a cure, indemnity, reserve, or insurance solution is acceptable. A condition that is ignored can become a closing delay or a covenant breach.
The attractive rate hides restrictive structure
Review the balloon, rate-lock expiration, cash sweep, reserve funding, recourse carve-outs, and prepayment schedule together. A slightly higher rate may be preferable if it provides a longer maturity, lower upfront funding, or a realistic exit.
9. Know what the available guidance does—and does not—establish
OCC guidance is useful for understanding ratio definitions and risk measurement, but it does not set one approval threshold for all commercial borrowers. Federal Reserve appraisal, environmental, lien, insurance, and borrower-condition standards cited here apply to qualifying CRE loans under that regulatory framework, not automatically to every mortgage. Fannie Mae Choice Refinance and DUS materials illustrate terms for specified multifamily programs, including product-specific prepayment, appraisal, title, escrow, recourse, rate-lock, and report provisions. They are not market averages or promises that another lender will offer the same structure.
The materials available for this checklist do not establish current market rates, terms for every property type, or legal requirements outside the United States. Confirm the lender’s current term sheet, the governing loan documents, and applicable federal, state, and local requirements with qualified legal, tax, accounting, insurance, and environmental professionals.
Bottom line: decide from net proceeds and risk, not the headline rate
A sound refinance file answers five questions before you commit: What exactly must be paid to release the old loan? Does documented NOI support the proposed debt under realistic stress? Will value and reports satisfy the lender? Are the borrower, guarantor, title, insurance, and lease records complete? And, after every fee, reserve, premium, covenant, guarantee, and balloon is counted, does the new structure improve your goals? If any answer is uncertain, resolve it in writing before the rate lock or closing deadline.
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