Comm Loan: under construction, rates have fallen

[Brandon G.]

Hello all,

I have a construction loan at 4.25%.  We are still in the construction process (almost finished) and the construction portion of the loan will end in April, at which point the loan will be finalized.  Since last year when we were approved for this loan and started making draws, rates seem to have gone down.  Is it possible to negotiate a lower rate in April when the loan in finalized, or am I locked in at the 4.25%?  If I am locked in, what would be my timeline or path to refinancing this new loan?  We're looking to cashflow this property, so a lower monthly payment would be the highest preference.

Thank you,

Brandon