What is a “good” rate right now for owner occupied?
Buying an industrial building for a manufacturing company in the US for $3.75M and putting 20% down. We are being quoted 3.5% to 3.8% range with a 10 year term and 20 year amortization.

Looking for feedback on this rate and if we should push for better...
[{"id": "gj9oyef", "text": "10 yr fixed?", "replies": [{"id": "gj9rg4t", "text": "Yes", "replies": [{"id": "gj9s50k", "text": "I think that's fantastic. I do mostly mixed use and medical. I got quoted 3.5% on a 7-yr the other day and 3.125 on a 5-yr, both with 25 year am. Our portfolio is in a very good area and our owner is an ultra-high net worth individual who signs a PG so I think we're pretty strong. I would sign a 10 yr at 3.5% in a heartbeat but I understand the asset class is a little different. My first floor retail probably makes my loan more risky.", "replies": [{"id": "gj9u05y", "text": "CRE or owner occupied?", "replies": [{"id": "gj9wwyf", "text": "CRE. We're developers.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gj9p2xp", "text": "Middle of the road.\n\nTerm is on the longer side (5 years is standard, 7 is common) and your down-payment is slightly higher than it could be (85% LTC/LTV for owner occupied is frequent).  Without knowing more about the property (special use, old, environmental concerns) and the company's financial situation I can't say more.  \n\nI wouldn't say you're getting screwed on rate but what are the other terms and conditions? Covenants, prepayments, and guarantees? Is this a term sheet or a commitment to lend?", "replies": [{"id": "gj9rc1u", "text": "Waiting for the term sheet from Chase but our banker has conveyed this estimate verbally before final approval from the committee. The property was built in 2007, is split between Class A offices and an industrial warehouse. All sprinklered, and HVAC throughout. In a quality business park one block from a major thoroughfare. No environmental concerns. Company is debt free and has excellent cash flow. No origination fees.", "replies": [{"id": "gj9tdl8", "text": "Non-recourse? \nBalance sheet fixed or SWAP?\nCovenants? \n\nNot to nitpick but I highly doubt Chase uses a committee for a $3.5 million loan...\n\nSounds like a good deal to me. Shop it if you want but you're probably going to give up one of those items to go elsewhere (10 year fixed rate term seems most likely).", "replies": [{"id": "gj9ugpq", "text": "Thanks for the feedback. I wonder why she mentioned the committee. Sounded strange to me as well. I should have the term sheet by early next week so I guess this post was a bit pre-mature.", "replies": [{"id": "gja41kh", "text": "I have knowledge of an office building being financed for a purchase by Chase in March. After we thought everything was a go, Chase implemented another round of conditions/questions to be applied by a higher level for approval. They didn\u2019t refer to it as a committee, but it was clear more oversight was suddenly in place due to the pandemic.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "gjbedvj", "text": "Ehhhh-  medical office can get 85% at times, but 80% is standard", "replies": [], "depth": 2}], "depth": 1}, {"id": "gj9w1d1", "text": "It is a fair deal. 10 year term is pretty solid at that rate. I am a lender and we just quoted similar deal for a 2MM property at 3.60% 10x10 swap. \n\nIs this a SWAP deal or conventional fixed?", "replies": [{"id": "gjbe7i6", "text": "3.6% with a SWAP is good too.  With a SWAP you assume the interest rate risk instead of the bank thus resulting in a lower rate for you", "replies": [], "depth": 2}], "depth": 1}, {"id": "gjalipo", "text": "Pretty fair. We\u2019re getting 4% for industrial investment. 5 year. 20 am. 25% down $2.7 m building", "replies": [], "depth": 1}, {"id": "gjbe31n", "text": "That is an excellent deal.  A 10 year term is hard to find right now below 4%", "replies": [], "depth": 1}]