An up-to-date rent roll
Expenses for the last two years
The loan balance and maturity date
The useful window
Start four to six months before maturity. That leaves time to compare.
What to prepare
- An up-to-date rent roll
- Expenses for the last two years
- The loan balance and maturity date
- Work completed since the last term
The renewal offer received
A lender’s first offer is negotiable. A competing offer adds weight.
Why not wait for the notice
The renewal notice often arrives a month before maturity.
That is not enough time to obtain a competing offer and switch lenders.
What is negotiable at renewal
- The rate, especially with a competing offer
- The length of the term
- Prepayment privileges
- Fees, sometimes waived to keep you
Switching lenders
A transfer triggers legal fees. Some lenders cover them to win your business.
Preparing a competing offer
A written offer from another lender adds weight to your request.
Get it two months before maturity, not the week before.
The current lender often prefers cutting the rate to losing the business.
What to check on your side
Make sure your taxes and insurance are current.
Records in good order renew without a full new review.
A lapse, even minor, reopens the complete review.
