Commercial mortgage maturities in 2026 and 2027

Who holds the loans coming due

By lender, as a share of each group's own balance, for loans maturing in 2026: Banks and thrifts $396 billion (21% of their book), CMBS and CLOs $200 billion (25%), credit companies and other lenders $163 billion (29%), life companies $76 billion (10%), Fannie Mae, Freddie Mac, FHA and Ginnie Mae $39 billion (4%)¹.

By property type, the share of each type's balance maturing in 2026: Hotel 30%, industrial 23%, office 17%, health care 15%, multifamily 13%¹.

Read the share in each lender pair, not only the dollars. Banks carry the most maturing debt and a large slice of their own book, so they manage renewals constantly, which is why bank borrowers are often offered an extension or a renewal at a new rate before anything else. Agency and life company books turn over slowly because their loans run longer.

CMBS maturities in 2027

Trepp counted $61.1 billion² of private-label CMBS loans reaching hard maturity in 2027, including $22.2 billion² of office. CMBS loans are hard to extend: the servicer works under the pooling agreement, not a relationship, and an extension often comes only after the loan moves to the special servicer. Conduit loans also lean on interest-only structures (90%⁴ of 2026 conduit loans by CRED iQ's count), so the full balance is due at the end.

Small-balance loans: balloons everywhere

The 2025 HMDA data on 5+ unit buildings show how common the maturity problem is outside CMBS: 75.2%³ of loans carried a balloon payment, the median term was 120 months³, and 41.2%³ had an interest-only period. Refinancing is already half the market: 48.9% of 2025 multifamily originations were refinances (incl. cash-out)³, and 14.0% were cash-out refinances³.

Private short-term lenders run the same cycle faster. One public lender to small investors writes loans with terms of 1 to 3 years⁶, and in the second quarter of 2026 it modified 7.2%⁶ of its held-for-investment book by term extension for borrowers in financial difficulty, adding 8.5 months⁶ on average (Sachem Capital 10-Q). An extension is not a plan.

Illustration: the refinance gap on a small apartment loan

Take a building with $300,000 of net operating income and a $4,600,000 value (illustrative figures). The owner took a $3,600,000 five-year interest-only loan in 2021, and it matures in 2026. Refinance it into a Fannie Mae Small Loan, which allows up to 80% max LTV⁷ and requires 1.25x min DSCR⁷, at the 2025 HMDA median multifamily rate of 6.50% on a 30-year amortization.

The value supports a bigger loan; the income at today's rates does not. Coverage is the binding test, so the owner has three choices: bring $435,784, raise NOI before the maturity, or bridge the gap with a bridge loan or preferred equity, usually at a higher cost. The same building financed in 2016 with a $3,000,000 ten-year loan at 4.25% on a 30-year amortization (also illustrative) would owe a balloon of $2,383,297, leaving $780,919 of room under the same new loan. Amortization, not value, decides most of these outcomes.

A checklist for a loan maturing soon

1. Read the note. Find the maturity date, any extension option and its conditions (a DSCR or debt yield test, a fee), and the prepayment terms if you refinance early. See the prepayment calculator.
2. Size the new loan yourself. Use trailing 12-month NOI, today's index plus a realistic spread, and the new program's coverage test. The refinance gap calculator does this in a minute.
3. Find the gap early. A gap you know about early can be closed with a rent plan, a partner or a short bridge. A gap you find in the final weeks usually gets closed on the lender's terms.
4. Talk to the current lender first. Banks renew their own loans routinely. CMBS servicers have less room to negotiate than a bank, so start earlier on a conduit loan.
5. Price two or three programs. Agency small loans, a bank or credit union renewal, and a bridge loan answer different gaps. See the best loans for a maturing loan.

Questions people ask

How much commercial real estate debt matures in 2026?

The MBA’s survey of loan maturities counted $875 billion, 17% of $5.0 trillion outstanding, measured on unpaid balances at the end of 2025, so the amount actually due at maturity is somewhat lower after scheduled amortization.

What happens if my commercial loan matures and I cannot refinance?

The lender can extend, modify or enforce. Most first ask for a paydown, a rate reset or extra reserves in exchange for a short extension. Start the refinance well before maturity, size the new loan yourself first, and talk to the current lender before the maturity date rather than after it.

Why is there a refinance gap if my property value held up?

Because the new loan is usually sized by income at today’s rate, not by value. A loan taken at a low rate with interest-only payments can be larger than what the same NOI supports at a higher rate, even when the LTV test would allow more.

More market data and tools

• Maturing balloon loanYour commercial loan balloons soon. Size the refinance gap, pick the lender to call first, use the open prepayment window, and fill a shortfall.
• Refinance gap calculatorBalloon owed at maturity against the new loan today's rate, value and coverage rules allow: the cash gap to close and which test creates it.
• Best for a maturing loanRefinance programs scored on the proceeds they allow (leverage, coverage floor, amortization), approvals, recourse and today's rate, for loans coming due.
• Cash-out refinanceHow lenders size a commercial cash-out refinance, when a supplemental loan beats a new first mortgage, the agency and FHA limits, and a worked example.
• Bridge loansHow commercial bridge loans are priced over SOFR and sized on the business plan, a worked bridge-to-permanent example, and the tests that trip deals.
• Prepayment penalty calculatorEstimate a commercial mortgage prepayment premium: Fannie Mae and Freddie Mac yield maintenance, CMBS defeasance, step-down, SBA 504 and 7(a).
• Delinquency and credit qualityBank noncurrent and charge-off rates, CMBS delinquency from Trepp, KBRA and MBA, and life company loan performance, with each measure defined and dated.
• Commercial Mortgage Rate Survey (November 2026)Indicative rates by loan program, Treasury and SOFR readings, HMDA medians, SBA 504 and CMBS and bridge coupons, each with its source and date.

Sources

1. MBA, 2025 Commercial Real Estate Survey of Loan Maturity Volumes (NewsLink, February 9, 2026), as of December 31, 2025
2. Trepp, The Q3 2026 Quarterly Data Review (Oct 26, 2026), as of October 26, 2026
3. CFPB/FFIEC HMDA 2025 public data, multifamily originations (Data Browser), as of December 31, 2025
4. CRED iQ, The Power of One: Why SASB Outruns Conduits 3 to 1 (Oct 22, 2026), as of September 30, 2026
5. MSBAM 2026-C36 term sheet (FWP, SEC EDGAR, filed Aug 6, 2026), as of August 6, 2026
6. Sachem Capital Corp. Form 10-Q for the quarter ended June 30, 2026 (SEC EDGAR), as of June 30, 2026
7. Fannie Mae Multifamily, Small Mortgage Loan Program Term Sheet, retrieved November 1, 2026

How we check figures: methodology and editorial policy.