Who has good rates for CRE loans right now?
I have been tasked in my company to shop around banks/insurance companies to see which companies are wanting to add to their CRE loan portfolios and offering competitive rates. I have never done  shopping for CRE loans, so I was hoping to see if anyone in this community had any tips or knew of companies who would be good to inquire with, ideally in the Colorado region.

Some information about the loan. My company has a couple debt-free assets worth roughly around $10mill looking to borrow against.  The money would go toward TI, overall property improvements and acquisition. I guess the LTV % looking at getting isn't set, and just depends on what brings the best rates.

Any suggestions or starting points would be great.
[{"id": "d50do7y", "text": "Before going to a bank you should have a package put together with (i) what leverage you are wanting (ii) a summary of your current collateral (iii) a detailed budget for any t/i work or renovations and (iv) any comparables if possible. Remember they are seeing many deals each day so the better you present this information the more likely they will take you seriously. Any of the large commercial banks in your area will be happy to take a look at your deal so I would start there (Bank of America, Chase etc). Don't forget about your local lenders as well. They will generally be easier to work with if you can find them. If you are not having any luck you might be better off going with a CRE broker that will connect you with their local contacts and be able to help you find a lender. The typical fee is 1% of the loan amount. ", "replies": [{"id": "d50e5j3", "text": "Thanks for the bullet points. I will be sure to put those things together as best I can before shopping. We had considered a broker, but that is why I was put to task on this, so I can (hopefully) save the company money by finding the willing lenders myself. Again, thank you for the helpful information.", "replies": [{"id": "d50h3ud", "text": "No problem. To answer your initial question you should expect a rate anywhere from 3.75 to 4.5 depending on the other terms of the loan. (Personal guarantees, leverage, and quality of current tenants etc.) ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "d50v4i5", "text": "Are you looking for fixed or float? Is recourse important? ", "replies": [{"id": "d51cw7n", "text": "For both, I am unsure. My boss had mentioned both of these things, but I did not get a clear answer on either. ", "replies": [], "depth": 2}], "depth": 1}, {"id": "d527q68", "text": "If you are looking for non recourse, the rate is going to be higher. For fixed, CMBS or a life co may be an option, for float a debt fund or a bank that does CLO execution could work. ", "replies": [{"id": "d548uo7", "text": "The partners of my company are wanting to do LTV against two debt-free properties. One is income producing, and the other is a ranch on a decent piece of land. They'd wanna use the money for acquisition of a medical/office building and capital improvements.", "replies": [{"id": "d551dnx", "text": "At least at my shop, we would only lend on the income producing property because we want that to be able to carry itself ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "d53c1m5", "text": "I do this for a living. Nobody is going to give you a list of lenders, and even so, almost every lifeco has correspondents in each market that they will only acquire new prospective loans through that particular broker.\n\nWhat type of property is it? Whats the NOI? Whats the loan amount? Who are the tenants? There are many questions to be asked.\n\nIf you give me a general idea of what you have, I can give you an idea of the market. I cover Utah and a lot of the rocky mountain region.", "replies": [{"id": "d548ojl", "text": "Essentially the partners of my company want me to \"feel out\" the local lenders in our city. They are also wanting to know a range of rates I guess they would offer based on whatever criteria being met. The amount of information they initially want me to provide to the banks is minimal; just the two collateral properties, and what they want to use the money for (acquisition and capital improvements).\n\nThe two properties being used for collateral in total could appraise for up to 10mill. One property is an income producing office building, and the other property is an estate on agricultural land. I am unsure of the LTV they are wanting against these properties, I guess it would depend on the rates.\n\nThe property wanting to be acquired is a class \"B+\" medical/office building that will be over 90% occupied soon. So roughly 40,000RSF x avg. rent of $13/sqft for the NOI.\n\n", "replies": [{"id": "d54ds1c", "text": "I have a deal with two office buildings that combined just appraised for $9m. NOI between the two of $704k (remember you need to subtract a market vacancy as well as any operating expenses that are not reimbursed by the tenants). They are looking for roughly $5m total for the combined buildings, so low leverage.\n\nHere are two of the more appealing quotes we got:\n\n* $5m loan amount, 10 year term, 5 years interest only followed by a 30 year amortization. 10 year swap rate plus 282 (currently 4.10%). Cash sweep if certain tenants vacate.\n\n* $5m loan amount, 10 year term, 30 year amortization, 10 year swap rate plus 260 (currently 3.88%)\n\n\nHopefully this helps your thought process.\n\nEdit: oh and forgot to mention both of those are non-recourse", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]