The four dates that decide when you can pay off a CMBS loan
A CMBS loan does not have one payoff date. It has up to four, and the servicer reports each of them to the SEC every month. Your loan’s page on cmbs.news shows the ones your filing carries. Here is what each one means for a sale or a refinance.
Lockout end
prepaymentLockOutEndDate. Before this date the loan cannot be prepaid at all. After it, many conduit loans allow defeasance instead: you buy government securities that cover every remaining payment, and the property is released. In BMO 2026-C15, 75% of the pool by balance allows it. Federal tax rules for the REMICs that hold these loans bar a defeasance release within two years of the trust’s startup day (Treasury Regulation 1.860G-2(a)(8)), which is why a loan that allows defeasance is locked out for at least that long.
Prepayment premium end
prepaymentPremiumsEndDate, and for yield maintenance loans also yieldMaintenanceEndDate. Until this date, paying off early costs a premium. With yield maintenance, the premium grows as Treasury yields fall below the loan’s rate, because the trust is being paid for the interest it will not receive. After this date the loan is open.
Anticipated repayment date
hyperAmortizingDate, on loans built with an ARD. The loan is expected to be repaid here even though its legal maturity is years later. If it is not, the rate steps up and excess cash goes to paying down principal. The loan pages here treat the ARD as the effective maturity, because that is the date the owner has to plan around.
Maturity
maturityDate, or postModificationMaturityDate if a modification extended it. The balloon is due. A loan that misses it is usually transferred to the special servicer, and most loan documents charge default interest and fees from then on; check yours.
Reading them together
The window that matters for a refinance is the stretch between the premium end date and maturity: the loan can be paid at par, and you are not yet in default. It is short. In BMO 2026-C15, a conduit deal that priced in August 2026, the open period at the end of each loan ran 2 to 7 payments, and 7 for most of the pool (prospectus filed with the SEC on August 18, 2026). Check the dates on your own loan’s page, then count back from the start of that window far enough to get a new loan quoted, underwritten and closed before it.