What are typical options for dealing with upcoming loan maturity?

[David Kim]

Hello,

I have a commercial loan, and it's coming up on the 5 year mark, so maturity is happening sometime next year. What are typical options, assuming I'd like to hold on to it for maybe 1-2 more years (but no more) before selling?

I assume the standards are to refinance with another (or the same) lender, possibly to recast, or to just pay it off (through selling or otherwise).

Are there other options I'm missing, since commercial loans are different than regular residential loans? Are some of my above options actually not real options, in the commercial space?

My main concern with refinancing is, I don't want to incur points penalties to minimize interest rates, because I don't plan on keeping it for another 3 years.

Thoughts?