is a correspondent lender for CMBS investment banks whereby our services are paid by our lending partners enabling Summit to provide our borrower clients with best-in-class service with no originated fees. CMBS financing provides a low, fixed-rate, non-recourse mortgage coupon and the ability for our clients to monetize (i.e. cash out) their commercial real estate investments. Unlike other traditional lenders which shy away from substantial cash outs, CMBS lenders understand that owners seek to access the equity they have built in their commercial real estate properties and acknowledge that it is a part of the real estate ownership cycle - the harvest. Cash-out financing is one of the few ways an owner can monetize the value they have created without selling their properties and subsequently deal with significant tax consequences and asset replacement challenges. These cash-out structures also enable borrowers to facilitate partnership buyouts. Traditionally, CMBS financing represented an institutional financing product used by levered, private and public REITs, family offices, and real estate private equity firms seeking a non-recourse loan that allowed them to make ownership distributions or grow their portfolios by acquiring additional assets with the cash-out proceeds. While CMBS financing has been available for middle-market owners for some time, this financing option can be complicated and daunting to some owners. Summit Real Estate Advisors specializes in providing first-time CMBS borrowers with the necessary information and guidance to help owners assess their options and feel comfortable and informed every step of the way.