[Finance1]

New deal, add-on, refinance - you're ALWAYS lending money that has already been repaid by someone. Add-ons just delay repayment of the additional funds. Unless the payment increases.

I guess we'll just have to agree to disagree. Add ons and refi's have the same duration. Refi's just double the cost of the second round.

Maybe I'm missing something but doing a 6 month add on 3 months into the original deal pays at the same speed and doing a 6 month refi 3 months into the original deal. The only difference is the margins.