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.