George Smith Partners is securing applications from a national CMBS capital provider who recently added a fixed-cost small balance platform to their portfolio of products. Standard five and ten year terms are funded, amortized over 30 years on a non-recourse basis for transactions from $1,000,000 to $10,000,000. Typically lender closing costs and legal fees are prohibitive for smaller transactions and do not justify CMBS execution for loans under $5,000,000. This small balance program limits all lender, 3rd party inspections and legal costs to $25,000 for core assets to 75% of value. No lock-box or cash management system is required.
