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Mini Perm Loan Calculator
Mini-perm loans bridge construction and long-term permanent financing. Short maturity (3-7 years), often with 1-2 years IO followed by amortization, and a balloon at maturity. This calculator computes the IO payment, the amortizing payment, and the balloon you'll need to refinance.
Amortizing monthly payment
$73,899
IO monthly payment
$62,500
Balloon at maturity
$9,541,398
Principal paid down over term
$458,602
First-year total payment
$750,000
How the math works
Mini-perm loans are 3-7 year CRE loans that bridge a construction loan and permanent financing. Often IO for 1-2 years followed by amortizing payment. At maturity, borrower refinances to long-term perm or extends. Popular when construction is stabilizing but not yet ready for agency or CMBS.
Balloon at maturity is what refinances. On lease-up deals, the balloon is sized assuming stabilized NOI drives the refinance — if lease-up stalls, the balloon can exceed refinanceable amount.
How to Use
- Enter loan amount and rate.
- Enter IO period in months and amortization years.
- Enter maturity in years.
- Read monthly payment and balloon at maturity.
Frequently Asked Questions
When to use mini-perm?
Stabilizing asset not yet ready for 10-year CMBS. Sponsor wants short-term hold before sale. Bridge-to-agency transitions. Credit-tenant shopping centers waiting for anchor to open.
Rate premium?
Mini-perm is usually 50-150 bps above agency/CMBS — shorter term, fewer exit options for lender. Balloon risk means lender prices for early refinance or default.
Balloon refinance risk?
Big. If rates rise or NOI under-performs, the refinance loan sizes smaller than the balloon — borrower must write a check or default. Mini-perm only makes sense with a clear stabilization path and conservative pro forma.
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