First published in July 2024, when estimates put commercial real estate loans coming due over the following two years at more than $1 trillion. Updated October 2026 with dated maturity figures from the Mortgage Bankers Association.
A large volume of commercial real estate loans made when interest rates were low has been coming due at much higher rates. For owners, that means planning a refinance, an extension or a sale well before maturity; for lenders and investors, it creates demand for new financing and for properties that owners decide to sell. This page summarizes the data and the options. For tenant credit on net lease properties, see the investment grade tenant research and the investment grade guide.
How Much Is Coming Due
| Year | Commercial and multifamily mortgages maturing | Share of balances outstanding |
|---|---|---|
| 2024 | $929 billion | n/a |
| 2025 | $957 billion | 20% of $4.8 trillion |
| 2026 | $875 billion | 17% of $5.0 trillion |
Source: Mortgage Bankers Association, Commercial Real Estate Survey of Loan Maturity Volumes (2024 survey released February 2025; 2025 survey released February 9, 2026). Figures cover mortgages held by lenders and investors.
The MBA described 2026 maturities as a 9% decrease from 2025, suggesting the peak of the maturity wave has passed, though volumes remain high.
What a Higher Rate Does to a Refinance
A property with $200,000 of net operating income has a $2,000,000 loan balance coming due. Refinancing the full balance at 6.75% with 25-year amortization would cost $165,819 a year, a debt service coverage ratio (DSCR) of 1.21x. A lender requiring 1.25x would lend about $1,929,818, so the owner would need to pay down about $70,000, plus closing costs, or accept different terms such as a partial interest-only period if a lender offers one. Rates here are illustrative; the 10-year Treasury, the usual benchmark for fixed-rate loans, is 5.24% as of October 1, 2026.
Options at Maturity
- Refinance: compare banks, life insurance companies, CMBS, agency lenders, debt funds and private lenders; terms differ widely by property type and leverage. Having several lenders quote the same request is the most reliable way to find the best terms.
- Extend or modify: some current lenders will extend a loan, often in exchange for a paydown, a higher rate or cash management.
- Add equity or bring in a partner: preferred equity or a new partner can fill a gap, at a cost.
- Sell: selling before maturity can be better than a forced sale later; see refinance or sell before your loan matures.
Start at least 6 to 12 months before maturity: gather a current rent roll and operating statement, order a valuation, and model the loan amount at current rates before approaching lenders.
Bank Exposure
Small and midsize banks hold a large share of commercial real estate loans relative to their capital, which has made some of them more cautious about extending or refinancing. Borrowers with loans at these banks should plan early and compare other lenders.
Loan Coming Due?
Investment Grade Capital, the lender-matching service of Investment Grade LLC, puts your refinance or acquisition request in front of lenders active in your property type and loan size so you can compare terms side by side, and we can help you weigh refinancing against extension or sale. See our financing services, email team@investmentgrade.com, or contact us.
Frequently Asked Questions
How many commercial real estate loans mature in 2026?
The Mortgage Bankers Association estimated $875 billion, or 17% of $5.0 trillion of commercial and multifamily mortgages held by lenders and investors, down 9% from $957 billion in 2025.
What should I do if my commercial loan matures soon?
Start 6 to 12 months ahead: update financials, get a valuation, model the loan amount at current rates, and compare refinancing, extension and sale options.
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