tˈɪpɪkli, ɹᵻfaɪnˈænsɪŋ pˌiːˌaɪkˈeɪ lˈoʊnz ɪnðə fˈɜːst jˈɪɹz ɪz ˈiːðɚ kəmplˈiːtli ɹᵻstɹˈɪktᵻd ɔːɹ kˈʌmz æɾə hˈaɪ pɹˈiːmiəm ˈaɪ.ˈiː. pɹɪpˈeɪmənt pɹətˈɛkʃən tə mˈiːt ðɪ ɪntˈɜːnəl ɹᵻkwˈaɪɚmənts ʌv ɪnvˈɛstɪŋ fˈʌndz.
Typically, refinancing PIK loans in the first years is either completely restricted or comes at a high premium (i.e. prepayment protection) to meet the internal requirements of investing funds.