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Centerline Team Serves Small-Borrower Niche

NEW YORK CITY-The recently formed small-loans team is preparing to expand into the Northeast, following a successful six months serving Pacific Northwest clients.

By Paul Bubny | Updated on April 23, 2010

NEW YORK CITY-As it readies an expansion into Northeast markets, locally based Centerline Capital Group’s small loans practice group is looking back on a track record of $50 million in small loans for multifamily housing since its launch approximately six months ago. “We decided to seize the moment and deliver to the needs of owners and borrowers of smallerapartment properties,” says Rick Warren, managing director in Centerline’s mortgage banking group and leader of the small loans team, in a release.

Since launch of the practice in September 2009 to address a largely underserved niche market, the small loan team has closed 29 separate transactions under the Fannie Mae DUS Program. They range in size from $1 million to $5 million, with the borrowers located throughout the Pacific Northwest and California.

Small borrowers have specific needs, says Warren, including certainty and speed of closings. “Small loans can be as complicated in structure, at times, as larger multifamilyloans,” he says.

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