Tucson market context
- The metro is wider than one rent roll
- Wikipedia's Tucson metropolitan area article includes Pima County places such as Oro Valley, Marana, and Sahuarita. The refinance still follows the parcel address. Wikipedia, Tucson metropolitan area
- Assessor value is not the appraisal
- The Pima County Assessor publishes parcel and valuation records. A lender may read them and still order an appraisal for the loan. Pima County Assessor
- Deed of trust definitions
- A.R.S. 33-801 defines deed-of-trust terms. The statute is context for an Arizona refinance. Counsel reviews the actual instrument. Arizona Legislature, A.R.S. § 33-801
A Tucson sponsor with a loan maturing in 2026 needs the payoff, the prepay, and a new loan that the income can carry. The Mortgage Bankers Association publishes research on commercial originations and maturities. That research is national. It is not a list of Pima County balloons, and this page will not invent a dollar total for Tucson maturities. The statewide maturity note is Arizona loan maturities in 2026. What to do when a balloon date is close is balloon payment due.
Wikipedia describes the Tucson metropolitan area as Pima County and the nearby places people group with the city, including Oro Valley, Marana, and Sahuarita. A refinance follows the address on the deed. An Oro Valley building is not a downtown Tucson rent roll. The Pima County Assessor's site is where parcel and valuation records are published. Lenders may look at that record. They still order an appraisal. Assessed value and appraised value answer different questions. Do not send the tax bill and call it the value.
The parent page is Arizona refinance. The city hub is Tucson. A long loan after the property is stable is Tucson permanent. Run a payment you choose through the amortization calculator. It does not know your note rate, because you have to type the rate.
Rate-and-term versus cash leaving the Tucson property
Both can be a refinance. The split is whether the sponsor receives proceeds beyond payoff and costs. No rate is shown.
| Rate-and-term | Cash-out | |
|---|---|---|
| Proceeds | Payoff and loan costs | A check beyond the payoff |
| What the lender leans on | Income versus the new payment | Income, value, and why cash is leaving |
| Where to read it | This Tucson refinance page | A cash-out page, not this one |
How a lender sizes a Tucson refinance
Coverage divides income the lender will count by the yearly payment. Debt yield divides that income by the loan amount, so a low coupon cannot inflate proceeds by itself. The Federal Reserve's SR 15-5 letter tells banks to manage commercial real estate risk with real underwriting, not with a slogan. It does not publish a Tucson coverage floor. We will not publish one either. Two lenders can accept two different income figures from the same rent roll.
Rate-and-term means the new loan pays off the old one and the costs, without a large check to the sponsor. Cash-out means proceeds leave the property. Those are different requests. This page is the refinance. Pulling equity out is a different sizing problem. Say which one you are asking for so the quote is not built on the wrong proceeds.
Arizona deed of trust, as information only
Arizona loans on real estate are often documented with a deed of trust. A.R.S. 33-801, posted by the Arizona Legislature, defines terms used in that statute, including the deed of trust, the trustor, the beneficiary, and the trustee. That is a definitions section. It does not approve your refinance, it does not explain your existing note, and it is not legal advice from this office. Have counsel read the deed, the note, and any guaranty before you sign.
A prepayment clause can block a refinance even when the income is fine. Yield maintenance, defeasance, and a step-down are different costs. Ask for the payoff letter. The amortization calculator will not compute that payoff. Craig Hoebing arranges the new loan from Scottsdale. Capital Market Funds is not a Fannie Mae DUS lender.
Sources that can refinance a Tucson income property
| Source | When it fits |
|---|---|
| Bank | A bank refinance of a Tucson income property the investor already owns, when the bank will hold the new note. |
| Life Company | A long fixed loan on a stabilized Tucson asset, arranged with a life company, with no coupon printed here. |
| CMBS | A conduit refinance when the Tucson property is stable and the sponsor can live with defeasance or yield maintenance. |