In this work, we derive a lower bound on the training-based achievable downlink (DL) sum rate (SR) of a multi-user multiple-input-single-output (MISO) system operating in frequency-division-duplex (FDD) mode. Assuming linear minimum mean square error (LMMSE) channel estimation is used, we establish a connection of the derived lower bound on the signal-to-interference-noise-ratio (SINR) to an average MSE that allows to reformulate the SR maximization problem as the minimization of the augmented weighted average MSE (AWAMSE). We propose an iterative precoder design with three alternating steps, all given in closed form, drastically reducing the computation time. We show numerically the effectiveness of the proposed approach in challenging scenarios with limited channel knowledge, i.e., we consider scenarios with a very limited number of pilots. We additionally propose a more efficient version of the well-known stochastic iterative WMMSE (SIWMMSE) approach, where the precoder update is given in closed form.