Silver Hill Funding, a commercial mortgage lender and division of Bayview Loan Servicing LLC, has launched a lending program to address the “underserved” small-balance commercial mortgage market including self-storage properties. The lender will offer financing solutions for commercial real estate, with loan sizes ranging from $250,000 to $1 million, according to a press release.
Other eligible property types include light industrial, mixed-use, multi-family, office, retail and warehouses. “We are excited to offer a financing solution for the small-commercial properties that represent new opportunities for investors, business owners and their communities,” said Leslie Smith, senior vice president for Silver Hill.
Smith described the small-balance commercial lending space as “fragmented and underserved.” Silver Hill began offering small-balance commercial loans in 2004, closing and funding more than 35,000 transactions through 2009, the release stated.
The program includes financing for owner-occupied and investment properties, with terms available for five, seven and 10 years, amortizations up to 25 years, and loan-to-value ratios up to 75 percent. Flexible prepayment options and unlimited cash-outs are also part of the program.
“We want to hear from mortgage brokers who have not been able to find a place to finance their customers’ small-commercial deals,” said Michael Boggiano, senior vice president and national sales manager for Silver Hill. “Our solutions are a good match for creditworthy borrowers who have a story, but may not be able to find what they need through their bank or other sources.”
The company is initially accepting loan applications in Florida, with plans to extend the program nationwide during the first quarter of 2016.
Silver Hill Funding is a national, small-balance commercial mortgage lender. It’s a division of Bayview Loan Servicing, a residential and commercial mortgage loan servicer and lender. Bayview Loan Servicing is a subsidiary of Bayview Asset Management LLC, a full-service mortgage investment firm, which has specialized in building and managing mortgage loan portfolios for more than 20 years.
