To pay off an current loan with a new loan, preferably with improved terms (e.g. lower interest rate, higher  LTV, etc.); this may happen because the market has improved and the owner is able to obtain better loan terms or the asset increased value, letting the owner to increase cash flow to investors and improve the overall IRR on the investment; or this may happen when the loan term of the current loan matures, forcing the owner to find a new loan; this is problematic that ascended during the recent recession: many loans aged at a point where values had deteriorated and loan terms were difficult, resulting in plentiful bankruptcies, foreclosures, and loan extensions/modifications.