Borrowers continue to take care of upcoming loan maturities early by refinancing today—even if it means paying penalties in order to do so.
Low interest rates, rising property values and incomes, and a competitive lending environment are creating a perfect storm for borrowers looking to refinance maturing loans.
“All of those things are making it a great time to refinance,” says Jamie Woodwell, vice president of commercial real estate research with the Mortgage Bankers Association (MBA), a trade group. “We have seen borrowers working as much as they can to draw forward upcoming maturities and getting them refinanced today.”
Read entire article in National Real Estate Investor here.