Refinancing data room: replacing existing debt
A refinancing replaces existing debt with a new loan, often before a maturity date. The room gives new lenders current financials, collateral information, the existing loan documents and the payoff plan, so the process finishes well before the old loan comes due.
Folder index
- 01 Request summary Amount, term, purpose, maturity date of existing debt.
- 02 Financials Recent financial statements, management accounts, forecast.
- 03 Collateral Asset list, appraisals, rent roll or receivables aging as relevant.
- 04 Existing debt Current loan agreement, amendments, prepayment terms, payoff estimate.
- 05 Compliance history Covenant certificates, waivers, lender correspondence.
- 06 Corporate and legal Organizational documents, title or lien searches, litigation.
- 07 Insurance Policies and certificates naming lenders.
How this raise works
Companies and property owners refinance to meet a maturity, lower cost, change terms or release cash. New capital can come from banks, private credit funds, insurance lenders, agency lenders for apartments or the debt markets. Starting late shrinks options, so many borrowers start six to twelve months before maturity.
New lenders underwrite today's numbers, not the old ones. For a company that means recent financials, forecasts and covenant headroom. For property it means a current rent roll, operating statements, a new appraisal and property condition report. Rates and valuations may have moved since the first loan, so the new loan may be smaller.
Mechanics matter at close: payoff letters, lien releases, prepayment penalties or defeasance on the old loan and timing of funds. The room should hold the existing loan documents so the new lender can check prepayment terms and any consents needed.
Best data rooms for this raise
The 16 rooms re-ranked with this raise's weights. Raise workflow carries the most weight here.
- Investor tracking 19%
- Permission control 18%
- Raise workflow 23%
- Investor onboarding 19%
- Cost of a raise 21%
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Places 11 to 16: DealRoom (7.0), SmartRoom (6.9), ShareVault (6.7), Digify (6.3), Venue by DFIN (6.2), DocSend (6.1)
Folder index for the room
A starting index for this raise. Number the folders so the order survives exports and investors can cite them in questions.
- 01 Request summaryAmount, term, purpose, maturity date of existing debt.
- 02 FinancialsRecent financial statements, management accounts, forecast.
- 03 CollateralAsset list, appraisals, rent roll or receivables aging as relevant.
- 04 Existing debtCurrent loan agreement, amendments, prepayment terms, payoff estimate.
- 05 Compliance historyCovenant certificates, waivers, lender correspondence.
- 06 Corporate and legalOrganizational documents, title or lien searches, litigation.
- 07 InsurancePolicies and certificates naming lenders.
- 08 Term sheetsLender term sheets in private folders with a comparison grid.
- 09 ClosingPayoff letters, release documents, funds flow memo.
Features this raise needs
| Feature | Why | Ellty | iDeals | SecureDocs | Datasite | Ansarada | CapLinked |
|---|---|---|---|---|---|---|---|
| Q&A module | LPs and lead investors post questions on a file; the deal team routes each one, drafts a reply and decides who sees it. | ||||||
| Investor activity log | A per-investor record of opens, pages and minutes, which tells the IR team who is in diligence and who stalled. | ||||||
| NDA e-sign step | Confidentiality terms an investor must accept in the room before folder one appears. | ||||||
| Dynamic watermarks | Stamps the reader and a timestamp over every page, so a PPM that leaks carries its source with it. |
Setting up the room
- 01
Start early
Open the room several months before maturity to leave time for a second lender if the first falls through.
- 02
Refresh third-party reports
Order new appraisals or field exams early; they are often on the critical path.
- 03
Load the old loan documents
New lenders and counsel need prepayment, consent and release terms from the existing loan.
- 04
Run lenders in parallel
Give each lender the same core folders and track who is active.
- 05
Plan the funds flow
Collect payoff letters and agree the funds flow memo before closing day.
Common mistakes
- Starting so close to maturity that the borrower must accept the first offer.
- Ignoring prepayment penalties or defeasance costs on the old loan.
- Assuming the new loan will match the old amount when values have moved.
Calculators for this raise
Or take the four-question quiz and check the raise checklist.
Questions and answers
How early should a refinancing start?
Commonly six to twelve months before maturity, longer for complex collateral or large loans.
What slows a refinancing most?
Third-party reports, title or lien issues and payoff coordination with the old lender.
Should the existing lender see the room?
Only if it is bidding to refinance. Otherwise keep it out of the new lender folders.