Multifamily Minute Reader Reflections: What's Your Current Financing Situation?
We asked our 45,000 subscribers about their current multifamily loans — and what they intended to do closer to maturity.
Start Your Application and Unlock the Power of Choice$5.6M offered by a Bank$1.2M offered by a Bank$2M offered by an Agency$1.4M offered by a Credit UnionClick Here to Get Quotes!Our most recent Multifamily Minute survey had two questions.
First: When does your next multifamily loan mature? And second: How will you handle your loan's maturity?
Given that earlier this year the Mortgage Bankers Association expected $728 billion in commercial real estate mortgages to mature this year, handling loans toward the end of their terms is a very timely topic.
Survey Results
On to the results. First up, here's when our readers' loans are maturing:
Maturity Time Frame | Percent of Respondents |
|---|---|
In less than three months | 27.6% |
In three to six months | 9.7% |
In six to 12 months | 6.0% |
In 12 to 24 months | 18.0% |
Not for a few years | 38.7% |
Note that the largest cohorts of readers are at either end of the spectrum. Either they've got loans maturing very soon, or they're in the clear for the next few years.
As far as borrowers' plans went for handling these upcoming maturities, the answers were a bit across the board. Interestingly, nearly a half of those with loans maturing in the next three years hadn't yet begun the refinancing process.
Not to badger you, but if you're one of those people, I'd strongly encourage you to get on top of things. If you aren't sure if your lender will extend your current term out, a last-minute refi will for sure not land you the best terms out there.
Having enough time to shop your deal to multiple (even thousands) of lenders, however, will do wonders for securing advantageous, competitive financing. Even now. Fill in your details in the form at the bottom of this page, and we'll get to work finding you the best quotes out there.
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Our Previous Survey
Prior to this recent survey, we asked our subscribers what type of markets looked best for investment in today's landscape. Secondary markets look best for many investors, and there are a few great reasons why. Read our analysis to find out more.