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The term sheet arrives in January and the refinance looks simple. Then March comes, and with it the lender's property condition report: $380,000 of deferred work the sponsor never budgeted. Cracked parking lot asphalt. A failing irrigation system. Dead turf along the street frontage. No single item is dramatic. Together, they push the credit team to cut loan proceeds or demand an upfront reserve the borrower has to fund at closing.
The fix is to build the capex budget before the lender ever walks the site, with a real quote behind every line. For a neighborhood retail center in Orange County, getting a written per-square-foot price for replacing worn turf from a local supplier such as SodLawn in Anaheim gives you a hard number for the landscape line instead of a soft allowance that an underwriter will simply mark up. The steps below run in the order a sponsor should work them, from why timing matters to handing over a file a credit committee can approve.
Lenders are buried in refinancing files right now, and they have little patience for incomplete ones. According to MBA, seventeen percent, or about $875 billion, of the $5.0 trillion in outstanding commercial mortgages held by lenders and investors is scheduled to mature in 2026.
| Maturity measure | Figure | What it signals for borrowers |
|---|---|---|
| Commercial and multifamily mortgages maturing this year | About $875 billion, 17% of roughly $5.0 trillion outstanding | Heavy competition for lender attention |
| Change from prior-year maturity volume | 9% decrease from $957 billion | Volume eased slightly but remains high |
| Depository-held balances maturing | $396 billion, 21% of depository balances | Banks will scrutinize condition and reserves closely |
| CMBS, CLO and other ABS balances maturing | $200 billion, 25% of those balances | Securitized loans face strict reserve formulas |
| Office-backed balances maturing | 17%, versus 13% multifamily and 15% health care | Office owners face the sharpest underwriting pressure |
A borrower whose loan matures into this market is chasing the same credit dollars as thousands of others. A file with a defensible capex plan moves forward. A file with gaps goes back to the bottom of the pile.
Start by walking the property, ideally using the same scope a third-party inspector will. Sort every item into three buckets: immediate life-safety and code issues, work due within twelve months, and long-term replacements over the loan term. Put site and exterior work on the list from day one. It is the first thing an appraiser photographs and the first thing a prospective tenant sees.
It is also where sponsors underestimate most. A 40,000-square-foot strip center might need slurry seal and restriping, ADA ramp repairs, new monument signage, LED lot lighting, and several thousand square feet of new turf and irrigation heads. Each of those needs its own written bid with unit pricing, labor and a delivery window.
Then add a 10 to 15 percent contingency on top of the bid totals. Show it as its own line, not buried inside each estimate.
Lenders usually handle capex in two ways. Immediate repairs are often covered by a holdback at closing, commonly sized at 110 to 125 percent of estimated cost and released as work is completed. Ongoing replacement reserves are collected monthly, often $250 to $350 per unit per year for multifamily or $0.15 to $0.30 per square foot for retail and office.
Propose your numbers before the lender imposes its own. If your bids show $210,000 of near-term work, offer a $240,000 holdback and explain the $30,000 gap. Underwriters trust a sponsor who seized the cushion more than one who argues it down.
Next, pick the funding source. Rolling capex into loan proceeds preserves equity but adds debt, which can drop debt service coverage below a lender's 1.25x floor. Paying for it with sponsor equity or a preferred equity layer keeps the senior loan cleaner, at a higher cost of capital. Run both scenarios in your model and present the one that keeps coverage and loan-to-value inside the lender's limits, a tradeoff covered in more depth in guidance on commercial real estate debt structuring.
A sound budget still fails if it lands as a stack of contractor PDFs. Credit committees want the cost, the reason, the timing and the effect on value on one page. Build the capex section of your package around these items:
The reconciliation heads off most surprises. Wherever your budget and the inspector's report disagree, flag it yourself, line by line, before the lender does.
Link exterior work to income wherever you can. If new turf and irrigation repairs at a medical office building support two renewals worth $96,000 a year, say so and attach the lease dates. Before you submit, hand the capex section to someone outside the deal and ask them to find one number with no bid or source behind it. Fix whatever they find, then send the package.
Before you submit
Your financing request goes straight to the principal. You receive a written diagnosis, the proposed structure and a one-off retainer before any work starts.
Recent mandates include a USD 150m revolving credit facility and a USD 12m acquisition closed in 21 days. We are an advisory and arranging firm, not a lender, and you close directly with the lender.
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