Apartment Loan Maturity Planner
Work backward from your maturity date to the day you need to start, with every milestone on your calendar.
The maturity planner takes your loan's maturity date, the loan you plan to refinance into and whether your note has an extension option, then works backward to dated milestones: start, quotes, application, third-party reports, rate lock and closing. It marks your plan on track, tight or late and exports each milestone as a calendar file.
What the planner answers
The planner answers one question: when do you have to start so the new loan closes before the old one comes due. You give it a maturity date and the type of loan you expect to refinance into. It returns a dated plan, from the first phone call to the closing table, and tells you whether today's date leaves you room.
It is built for owners of 5+ unit buildings with a balloon coming in the next two years. If your maturity is further out, run it anyway: the start date it gives you is the date to put on the calendar now.
Loan maturity planner
Dates are a planning schedule built from your inputs, not a lender commitment.
How to use it
There are three inputs. Each one should come from your loan documents, not from memory.
Maturity date
Use the date defined as the Maturity Date in your promissory note or loan agreement. Your servicer's payoff statement or monthly billing statement usually shows it too. Do not enter the date an interest-only period ends or the date a hybrid ARM resets: neither one is maturity, and both still leave the loan outstanding.
Target loan type
Pick the loan you expect to take out: agency (Fannie Mae or Freddie Mac), bank, HUD 223(f), CMBS or bridge. The choice changes the plan because each lender type runs a different sequence of quotes, application, third-party reports and approvals, and some take much longer than others. If you are not sure which one fits, answer the six questions in Which Apartment Loan? first and come back with the top result.
Extension option
Answer yes only if your note contains a written extension option you can exercise yourself, usually by meeting tests such as a minimum DSCR, paying a fee and giving notice by a deadline. Answer no if an extension would depend on the lender agreeing at the time. A discretionary extension is a request, not a plan. Read the notice deadline in the option carefully, because missing it can cost you the extension even if you pass every test.
The planner returns the milestones in date order, a status of on track, tight or late, and a calendar file (.ics) for each milestone that opens in Google Calendar, Outlook or Apple Calendar. Like every tool on this site, it also gives you a share link, a PDF and a way to send the plan to a partner.
Worked example
Say your bank loan on a 40-unit building matures on June 30, 2027, and you plan to refinance into an agency loan. You have no extension option. Enter June 30, 2027, pick agency, and answer no.
| Step | Target date |
|---|---|
| Get payoff, prepayment and extension terms from your servicer in writing | Jan 1, 2027 |
| Assemble the T-12, current rent roll, capex history and entity documents | Jan 16, 2027 |
| Send the package to lenders and collect term sheets | Feb 15, 2027 |
| Sign the application; the lender orders the appraisal and third-party reports | Mar 17, 2027 |
| Reports back; underwriting and loan committee | May 6, 2027 |
| Lock the rate (timing depends on the lender's lock process) | May 10, 2027 |
| Close and fund, with a 30-day cushion before maturity | May 31, 2027 |
| Current loan matures | Jun 30, 2027 |
Read the table from the bottom up. Closing sits before maturity with a cushion, because a closing that slips by a week should not put you into default. Rate lock sits ahead of closing. Third-party reports, which are the appraisal, property condition report and Phase I environmental site assessment, come after the application, because the lender orders them once you sign. The start date at the top is the one that matters most: it is the day you begin pulling your trailing-12, rent roll and entity documents.
The status compares today's date with that start date. If you are past it, the plan does not change, it just has less slack, and the tool tells you so.
What this tool assumes
- The windows are planning defaults, not program rules. No agency, bank or HUD rule sets these durations. They are conservative estimates for a clean file. Your lender's actual timeline is the one that counts.
- A clean file. The planner does not know about an occupancy dip, deferred maintenance, a title problem, a partner buyout or a change in the borrowing entity. Each of those adds time. Add your own cushion if any applies.
- Lock terms vary. How long a lock lasts depends on the program and lender. Freddie Mac's Conventional Small term sheet, for example, offers a spread lock for 60 days after loan application. Ask your lender for the lock terms in writing before you plan around them.
- It does not read your prepayment terms. Maturity is not the only date that matters. If your current loan opens to prepayment without a penalty before maturity, you may be able to refinance earlier. Use the refinance break-even calculator to test it.
- It does not test the extension. Answering yes adds the extension decision to the plan. It does not check whether you would pass the extension tests.
What to do with your result
On track
Download the calendar files now so the start date does not slide. Before that date, run the cash-out refinance calculator on your current numbers to see whether the new loan covers your payoff, and the eligibility checker to see which programs your building qualifies for. Then work through the refinance checklist so your documents are ready on day one.
Tight
Start today. Gather documents and request quotes in the same week rather than one after the other. Ask the current lender, in writing, whether it would consider an extension if you need one, and pick a backup execution, usually a bank or bridge loan, in case the first choice runs long.
Late
Call your servicer now about an extension or a short-term modification, and get any agreement in writing before the maturity date. Read your note's default provisions so you know what happens if the loan matures unpaid. In parallel, look at faster executions such as a bank or bridge loan. The loan maturity playbook covers each of these paths in detail. If you want a second set of eyes, send the plan to desk@janover.co or call (561) 556-9997.
Take it offline
Prefer a spreadsheet you can save, send or change? The same math, with formulas you can see.
Loan maturity planner
Enter your maturity date and lender lead time; every milestone date recalculates, with a status flag for dates already past.
Download ExcelFrequently asked questions
How far ahead of maturity should I start an apartment refinance?
Earlier than most owners think, and it depends on the loan you are moving into. Agency, HUD and CMBS loans run through application, third-party reports and credit approval before they close, and HUD is typically the longest. Enter your maturity date and target loan type in the planner to get a dated start for your situation, then add cushion if your file has any complications such as an occupancy dip or an entity change.
What is the difference between maturity and the end of interest-only?
Maturity is the date the whole remaining balance is due. The end of an interest-only period is only the date your payments start to include principal, and the loan stays in place afterward. The same is true of the reset date on a hybrid ARM. Use the Maturity Date defined in your promissory note or loan agreement when you run the planner, not either of the other two dates.
Does an extension option mean I do not need to refinance yet?
Not necessarily. Most extension options have conditions, commonly a minimum DSCR or debt yield, an extension fee and a written notice deadline, and the rate may change during the extension. If you fail a test or miss the notice date, the option is gone. Plan as though you will refinance on time and treat a qualifying extension as a backstop. The loan extensions guide explains the common tests.
Can I add the milestones to my calendar?
Yes. Each milestone downloads as a standard .ics calendar file that opens in Google Calendar, Outlook and Apple Calendar. You can also share a link to the plan, download it as a PDF or email it to a partner. The plan runs in your browser and is built from the dates you entered, so rerun it if your maturity date or target loan type changes.
What should I do if the planner says I am late?
Contact your servicer right away about an extension or short-term modification and get any agreement in writing before the maturity date. At the same time, line up a faster execution, usually a bank loan or a bridge loan, so you are not relying on one answer. Read your note's default provisions so you know the cost of missing the date. Then rerun the planner against the faster loan type.
Related
- Loan Maturity PlaybookYour apartment loan is coming due. The five options (refinance, extend, pay down, supplemental loan, sell), how to…
- Refinance TimelineThe steps to refinance a 5+ unit apartment building from first call to funding, how they differ for agency, HUD,…
- Loan ExtensionsHow to extend or modify a maturing apartment loan: built-in extension options, what lenders ask in exchange, and how…
- Which Apartment Loan?Answer six questions about your 5+ unit building and the matcher ranks agency, HUD, bank, CMBS and bridge loans,…
- Refinance ChecklistInteractive checklist for refinancing a 5+ unit apartment building: every document lenders ask for, by stage, who…