Sale and leaseback vs refinancing — which frees up more capital?

Both unlock money from a property you own, but they're fundamentally different. Refinancing is debt: a lender advances a fraction of the value, charges interest, and takes security over the asset, often with covenants and personal guarantees. You keep the building — and all of its risk and cost. A sale and leaseback is a sale: you transfer ownership to a long-term investor who leases it straight back, so you release the full market value as cash, not borrowings.

Which is "better" depends on what you need. Refinancing suits a business that wants to keep the property and only needs modest, cheap liquidity. A sale and leaseback suits an owner-occupier who wants to release the maximum, take property risk off the balance sheet, and avoid adding debt — while staying put on a long, secure lease. With a permanent-hold counterparty you also get fair reviews and aligned tenure in return. This is general information, not financial advice.