If you are a CRE investor, would you take a call from a lender you do not know?
I am a commercial lender at a mid size regional bank. Historically I’ve mostly worked in the commercial and industrial space, think working capital lines of credit, equipment, owner occupied RE, etc. The problem is we just struggle to compete with more established banks in my market. Conversely, our bank is somewhat competitive in CRE though. 

I’ve worked a few CRE deals and manage a few in my portfolio that were inherited from a previous officer. I like CRE and my employer doesn’t care if we originate CRE or C&amp;I as long as we hit our goals. 

I have been scouring GIS maps and mortgage records in the area and I’ve identified a few investors that I think I could benefit. 

So my question to the CRE investors, particularly those with cash flowing properties, is would you take random call or respond to a random email from a lender? I am looking to work with borrowers with properties in the $1- 15 million range. 

This may be better suited for r/sales, but I wanted to hear straight from the CRE community.
[{"id": "gkvkjzr", "text": "I always take calls from money.  You never know when it might work out, and reps from one bank know reps from others, they know local deals and other players;   You just never know. \n\nIf you left a voicemail that said you specialized in prop types that I was into, that would be interesting.", "replies": [], "depth": 1}, {"id": "gkvknz1", "text": "I\u2019m an appraiser, but I see lots of borrowers at lots of different banks. I have guys call all the time and ask if I work for so and so because they\u2019re going to switch some properties. Most CRE are pretty price-conscious so if you can save them money or eliminate some underwriting, they\u2019re open to switch.", "replies": [], "depth": 1}, {"id": "gkvko3x", "text": "I would if I can verify who you are and that you work for the bank. If your email matches a bank that is member of the FDIC, I don't see the problem. The only difference is that you would get the loan probably syndicated and that is fine.", "replies": [], "depth": 1}, {"id": "gkvldhw", "text": "Yes I take the calls and we get them quite a bit though mostly from mortgage brokers, not banks. My boss like to say, \"be very picky with who you lend money to but it doesn't matter who you borrow money from\". We're extremely rate sensitive so that's my first question. If they're competitive then I would take it further but most of them aren't. Right now I'm looking for 5-7 years fixed at 3-1/8-3-1/4%, 75% LTV, 25 yr am. I would talk to anyone that can get to those numbers.", "replies": [{"id": "gkwkzal", "text": "Are you talking about multifamily properties?", "replies": [{"id": "gkwu5f9", "text": "He is", "replies": [], "depth": 3}, {"id": "gky0onm", "text": "Mostly mixed use. Numbers are similar for our multi family deals but the cap rates are lower.", "replies": [{"id": "gky1o48", "text": "Do you mind saying what principal amount you\u2019re borrowing at those types of terms and what kind of lenders are extending those terms?", "replies": [{"id": "gky2d17", "text": "Generally $3-5M but I just did a refi for $400k and have done similar deals up to $9M. Banks are on the smaller side though oddly JPMorgan has been interested in smaller stuff in my area recently and we did a refi with them at similar terms not too long ago. I just looked at the assets of the two banks we use most, one is $10B and the other $30B to give you an idea of size.\n\nThe rates I gave in my original comment are aggressive and not easy to find. 3-7/8% is much more common but I got a term sheet this week at 3.5% and I am waiting on a term sheet that is supposed to be 3-1/4%. All these banks want relationships with our principal but we never make that a condition of closing.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "gkx8i60", "text": "I would also take those numbers, are lenders back to working with 75% LTV now? When I closed this summer/fall I had an extremely hard time finding anyone who would do more than 70%, some were even more stingy. I probably talked to close to 2 dozen lenders, only a few would flex on LTV.", "replies": [{"id": "gky0mnk", "text": "My boss is a very high net worth individual who signs a PG so that gets us to 75%. We're also in an A market.", "replies": [], "depth": 3}], "depth": 2}, {"id": "gkyihjw", "text": "Oh it matters who you borrow from when things don\u2019t do as planned", "replies": [], "depth": 2}, {"id": "gkynuul", "text": "25 year am :nice: I can\u2019t get more than 20!!!", "replies": [], "depth": 2}], "depth": 1}, {"id": "gkvlpv9", "text": "I\u2019m an owner of a small commercial property management company. I would take your call and speak to my owners if the terms were likely to their advantage. I strongly prefer to deal with a midsize regional bank when it comes time to refinance.", "replies": [], "depth": 1}, {"id": "gkvp8hw", "text": "I'm a former commercial mortgage broker. The smart borrowers always take the call from different lenders/brokers. Lending programs change all the time, lenders are in and out of the market. It's wise for borrowers to understand what's happening in the financing world. As I've always said, \"if you're not transacting 3-4x per year, you don't know the market.\"", "replies": [], "depth": 1}, {"id": "gkvq0p0", "text": "In the abstract, sure. I'd also recommend reaching out to mortgage brokers who work in a somewhat skinny niche, e.g. mixed use properties in Manhattan, and tell them you're open for business.", "replies": [], "depth": 1}, {"id": "gkvrl96", "text": "Personally, phone call yes, email no. Or the email would have to be somehow personalized so I know you're not scam/spam. I never unsubscribe from mortgage broker email lists that I didn't sign up for, bc I like to see what new products they offer, but am cautious about reaching back out.\n\nAlso, this was a very subtle way to advertise, well done.", "replies": [{"id": "gkvzrpm", "text": "I appreciate it, but no I don\u2019t like disclosing who I am or where I am on Reddit. Though, it would have been a slick ad. I genuinely come here to get the feedback with anonymity.", "replies": [{"id": "gkyo1sb", "text": "Use a photo of yourself. Don\u2019t use LinkedIn;)", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gkvtm2l", "text": "Anyday if your call or email or voicemail has specifics about some rates and terms you recently offered and deal size. \nHelps evaluate quickly if it is worth spending time on. \nVague calls with no numbers are a waste of time.", "replies": [], "depth": 1}, {"id": "gkvu3bc", "text": "I get shitloads of phone calls, texts, and spam mail (physical letters in envelopes) from every sort of idiot wanting to buy our properties, property manage, insure, etc.  I toss every single one.  But--- I do look at them.  There's an agent who keeps sending me properties he's sold near one of mine in another city, and I will definitely call him if I ever want to sell that place.\n\nIf you call people, be sure to leave your bank's website or some way that people could independently verify who you are.  It would be perfect if your bank has an easy to find landing page about commercial lending.  (Same advice if you email or mail an actual letter.)\n\nIf I received something like this, I'd keep it for later or contact you sometime to chat:\n\n\"Dear Ax Man,\n\nI'm a commercial loan officer (or whatever you call yourself) at a midsized regional bank called XXXXXXX.  We are able to offer competitive rates and we will make the borrowing process as easy on you as possible.  We want to expand our business lending to commercial borrowers, which is why I am writing/calling/whatever.\n\nAt any time convenient for you, I'd love to chat for a few minutes to learn what kinds of properties you work with and tell you about how I think our bank could make your life easier and save you some money.  Rates are historically low.  We are looking to lend to people exactly like you, and ideally become a partner you can count on for future projects.\n\nYou can call or email me any time at XXXXXXXXXX.  Thanks!\n\nSincerely,\n\nu/fbt_33", "replies": [], "depth": 1}, {"id": "gkw03eb", "text": "I would take a call, but like any vendor eager to do business with me, I would hope you're competent enough to find a way to earn my business.", "replies": [], "depth": 1}, {"id": "gkwa0zr", "text": "I would, and I have in the past, except the lenders who have solicited my business haven\u2019t been remotely competitive so far.\n\nA rep from Royal Bank kept calling and promising it would be worth my time, and after sending him everything and answering all his questions he came back with 45% LTV.  A month later I closed the deal with a different lender at 70%.\n\nI\u2019m still mad that this guy chased me so hard only to come up with garbage because either he or whoever signed off didn\u2019t know local Multifamily.\n\nSo I\u2019d still listen but I would be extremely skeptical.", "replies": [], "depth": 1}, {"id": "gkxr4yb", "text": "There's a cold calling technique called Neighborhood Spoofing or Area Code Spoofing in which the cold caller fakes your area code on your caller ID to increase the chances that you'll answer the phone since many people won't answer the phone if an out-of-area phone number calls. Marketing services like RingDNA, Sales Force, and Avenge provide this ability to spoof. I despise this and make sure to fuck with those callers by wasting as much of their time as possible by placing them on speakerphone and continuing to work while engaging them in half-thinking conversations. Last month I wasted almost 2 hours of time of a woman who called me trying to sell me on her loan programs this way. Her supervisor left a nasty voicemail for me afterwards (ROTFL!).\n\nIf you're going to cold call, be honest and let your true area code show up on the call recipient's caller ID. I question the honesty of those Area Code spoofers if they're not even honest enough to use their true area codes.", "replies": [], "depth": 1}, {"id": "gkxtxrj", "text": "Knowing when some one bought, and what their likely interest rate is, and if they\u2019re 50/50, what their debt service could be reduced after fees/costs. That\u2019s what I\u2019d want to know.", "replies": [], "depth": 1}, {"id": "gky3h3r", "text": "Absolutely, would love to connect with you..", "replies": [], "depth": 1}, {"id": "gkyrbtq", "text": "I\u2019m a commercial mortgage banker working as a  correspondent for 2 dozen or so Life Companies. Given Covid, we\u2019ve had more success in cold calls to borrowers in recent months. But more specifically talking about a recent quote or program change, to echo u/darrengp91 point. For example right now all of our lenders are getting their 2021 allocation numbers, everyone and their mother wants Multifamily and industrial. We\u2019re seeing coupons in the low 3s and high 2s for modestly leveraged deals, which tends get the borrowers attention. To answer your question \u2014 yes I think most borrowers are more receptive  to cold calls currently. Real time market intel is valuable, but specifics can win you the business.", "replies": [], "depth": 1}, {"id": "gmpco8s", "text": "Don't only call potential borrowers. Call people that are going to be helping a lot of borrowers but not as direct lenders. They go by:\n\n* Commercial Mortgage Broker\n* Commercial Mortgage Banker\n* Real Estate Investment Banker\n* Loan Broker\n* Capital Advisor\n* Debt &amp; Equity Advisor or \"Structured Finance\"\n* Some other BS titles at big brokerages that don't mean anything, like \"Vice President - Capital Markets\"", "replies": [{"id": "gmpg01v", "text": "Thank you for this.", "replies": [], "depth": 2}], "depth": 1}]