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How CRE Debt Brokers Can Guide Clients Through the 2025 Maturity Wall
Refinancing and extending are the two main paths many borrowers are considering. Here's what you need to know as their debt broker to help them do what's best for their business.
The debt maturity wall gets a lot of attention every year — well, every year since the Fed starting increasing rates, anyway. Headlines make it sound like a tidal wave is about to crash over the industry. The reality is more nuanced. Yes, nearly a trillion dollars of commercial real estate debt is set to mature this year, but that doesn’t automatically mean a flood of defaults.
For brokers, it does mean your phone will be ringing with clients asking the same question: Do I extend, or do I refinance?
This is where your role as a broker really matters. The brokers who come out ahead this year won’t be the ones trying to push every client into a new loan. They’ll be the ones who can sit across the table, explain the trade-offs, and map out a realistic path forward.
Extensions: Buying Time
Extensions have been the default play for many borrowers since rates started climbing. They don’t solve the problem, but they can give an owner a bit of breathing room. For clients who still believe their fundamentals are strong and just need a little runway, an extension can make sense.
The lender may ask for something in return — a paydown, more reserves, or higher pricing — but sometimes that’s a trade borrowers are willing to accept.
For brokers, there’s an obvious catch: You’re not likely to make much money on an extension. There’s usually no commission like you’d see on a full refinance. But that doesn’t mean you walk away. Helping a client navigate an extension is an investment in that relationship. When the time does come to refinance — whether later this year or down the road — you’ll already be in the driver’s seat.
Key considerations when discussing extensions:
What concessions will the lender expect?
How long is the extension, and is it enough to make a difference?
Does the extension realistically set up a refinance later, or just postpone the issue?
Multifamily: Agencies remain a stable refinancing outlet, though proceeds are lower than in the 2020–21 era. Extensions are common until an agency take-out is possible.
Office: The toughest sector. Extensions may be the only realistic path, but lenders are cautious and terms are rarely (read: almost never) generous.
Industrial: Still in favor with many lenders, even though the sector's started to face some light headwinds. Strong tenants often mean refinancing is achievable.
Retail & Hospitality: Situational. Well-run properties can refinance, but extensions are more common where performance is uneven.
Refinancing: Resetting the Clock
Refinancing is the clean break. It sets new terms, locks in stability, and clears up uncertainty. The challenge is obvious: Today’s rates are far higher than what many loans carried five years ago.
Proceeds are coming in lighter thanks to tighter DSCRs and rising expenses. Some clients will need to bring new equity just to close that gap.
Still, for many borrowers, refinancing is the smarter long-term move. It’s all about preventing a bigger crisis later. As a broker, your value lies in sourcing competitive terms across agencies, life companies, and private debt funds, and in setting expectations so clients aren’t blindsided when the numbers don’t look like they did in 2021.
Not the Same Answer for Every Asset Class
The right approach depends heavily on property type:
Part of your job is knowing which lenders are actually willing to play in each space and guiding your clients accordingly. Janover Pro can easily help you there.
The Broker’s Role in 2025
What borrowers need most this year is clarity. They need someone to walk them through both paths, not just pitch the deal you want to close.
Sometimes that will mean structuring an extension, even if you won’t earn a big commission today. Because the real payoff is long-term: You’re keeping the borrower relationship alive until refinancing becomes possible. And when it does, you’ll be the one they trust to get it done.
That’s the opportunity in front of you. The maturity wall isn’t just a challenge. For the brokers who step up, it’s a chance to prove your value, deepen your relationships, and position yourself as an indispensable advisor when the market is at its most uncertain.