By it's very nature, a window of opportunity is ephemeral. Open, perhaps, only for the briefest of moments. Since one cannot predict when it will slam shut, it makes sense to act while the market conditions are right. This is one of those rare moments when long-term interest rates have slipped to historic lows, therefore, Borrowers should take a moment to evaluate their current financing and to do a cost/benefit analysis to determine whether or not it may be an advantageous time to refinance.

WHAT RATES AND TERMS WOULD BE AVAILABLE AT THIS MOMENT FOR YOUR PROPERTY?

Most commercial mortgages have prepayment penalties, so a good place to start would be to dust off the old file and see if you can locate the commitment letter for your existing mortgage. If you can't readily locate the commitment or a copy of the actual mortgage, usually the attorney who closed the original loan, or the property manager will have this document on file. Since most commercial mortgages have a term no longer than 10 years, carefully evaluate how much longer the mortgage has left to run, and whether or not there is a prepayment penalty.

(continued)

page 1 of 2