When do you begin the refi process for a commercial mortgage?

[Freeman Schultz]

When it comes to a commercial mortgage, do you just wait until a couple of months before the mortgage reaches the maturity date before looking into refinancing or do you start the process within a year before the maturity date?

I have heard of some investors not even waiting the 5 years on a commercial mortgage to refinance and as soon as they are able, they immediately do a refi. 

[Robin Simon]

Quote from @Freeman Schultz:

When it comes to a commercial mortgage, do you just wait until a couple of months before the mortgage reaches the maturity date before looking into refinancing or do you start the process within a year before the maturity date?

I have heard of some investors not even waiting the 5 years on a commercial mortgage to refinance and as soon as they are able, they immediately do a refi. 

 You should certainly start the process earlier than maturity, especially at the very least within a couple months of the maturity date - there can always be things that cause delays and pushes and even missing the maturity date by a couple weeks can have harmful consequences (since it will technically be a default / missed payment even if the lender is OK with it).

Also, commercial loans even with the strictest prepayment protections / lockout periods will almost always have at least a 3-month open period prior to the Maturity Date