How long does a CRE refinance take from decision to funding?

Where time goes in a routine refi

Pre-bake-off: package preparation typically takes 1 to 2 weeks. Refis are easier to package than acquisitions because the borrower already has current operating history and existing third-party reports may be reusable. Sponsors with current institutional-quality reporting can compress to under 1 week.

Bake-off: 4 to 6 weeks from package send to signed term sheet. Same as an acquisition bake-off, the bidding process does not move faster just because it is a refi.

Post-award diligence: this is where refis save time vs. acquisitions. Existing appraisal may be reusable on agency (within 12 months); existing Phase I is reusable within ASTM E1527 viability: 180 days, or up to one year if updated. A Phase I older than one year is not current. Existing survey may be reusable on refi within 5 to 10 years; title commitment is faster because the title agent has the prior closing in file.

Total refi timeline by capital source: bridge debt fund 60 to 90 days post-decision (4 to 6 weeks bake-off + 30 to 45 days execution); bank perm 90 to 120 days; agency multifamily 90 to 120 days; CMBS 75 to 105 days; HUD 6 to 9 months.

Open-window planning: most institutional perm loans have a 90-day open window at the back end. Start the bake-off 90 to 120 days before the open window begins so the new loan funds inside the window. Funding before the open window triggers prepay; funding 60+ days after maturity exposes the borrower to default.

Maturity-driven urgency: do not wait until the last 90 days to start a refi on a maturing loan. Start at least 6 months out, and 9+ months out for HUD or CMBS where the timeline is longer. Maturity miss is a serious problem that can trigger default, special-servicer involvement, or forced sale.