Commercial Mortgage Maturities in 2026: Prepare the Refinance

The maturity number, with its measurement date

MBA's annual survey reported $875 billion of commercial and multifamily mortgage balances scheduled to mature in 2026, representing 17% of the $5.0 trillion covered. A further $652 billion was scheduled for 2027. The amounts reflect unpaid principal balances as of December 31, 2025; they are not a count of loans still awaiting repayment in September. Source: MBA's February 9, 2026 release.

This September 15 revision corrects the previous $929 billion headline and clarifies the survey period. A national maturity schedule is useful context, but the property's payoff, operations and available financing determine the individual refinance.

Bank standards have eased selectively

The Federal Reserve's July 2026 lending survey, principally covering Q2, found some easing for multifamily and other income-producing commercial property loans. Construction and land-development standards were broadly unchanged, and CRE standards remained relatively tight against banks' historical ranges. Source: Federal Reserve SLOOS, updated August 3.

That survey does not establish approval criteria for an individual lender or imply that every asset can refinance its full current balance.

Start with the actual payoff and operating picture

Gather the existing loan's maturity date, current payoff, extension options, reserves and prepayment provisions. Confirm deadlines in the loan documents rather than estimating them from the last payment statement.

Next, reconcile the property's current rent roll and trailing operating results. Separate in-place NOI from improvements that have not yet been achieved. If occupancy, collections or expenses changed, explain both the cause and the plan.

Make a proceeds gap visible early

A new loan may be constrained by property value, debt-service coverage or other underwriting requirements. In a hypothetical example, a $3 million payoff and $2.6 million of net refinance proceeds leave a $400,000 gap before any additional transaction costs. Label a gap directly and identify the source of capital proposed to address it.

Review the total capital need, including closing costs, required reserves, renovation work and operating liquidity. Treat an extension, asset sale or new financing as a separate path with its own conditions and timing.

Match the capital request to the business plan

A stabilized property can support a different discussion from a renovation or lease-up. If a bridge is proposed, state the work to be completed, the cash required during the hold and the conditions necessary for repayment. Do not rely on a future rate decline as the only exit.

For hotels, senior housing and car washes, include the operating-business information specific to the asset. The September commercial property review outlines those differences.

Prepare the review package

Current debt: payoff, maturity, key provisions and any extension deadline.

Operations: rent roll or asset-specific operating report, trailing statements and year-to-date performance.

Capital: requested loan, equity contribution, improvement budget and reserve needs.

Sponsor: ownership, experience, liquidity and management plan.

Timeline: required closing date and the steps that must occur before it.

Submit a commercial financing request through Commercial Real Estate & Capital Markets. A current package gives the review a clear starting point; market statistics do not substitute for a written proposal.