OKC Lender Recommendations, Multi-Tenant Industrial - $8-9M
We're under contract on a multi tenant industrial property in OKC &amp; have great debt partners outside of OK that are willing to lend in that state, but would love to hear any recommendations of local lenders or even regional. Our current institutions will do the deal given our relationship, but aren't particularly active in the area. 
[{"id": "ijjcy1i", "text": "I\u2019m in OKC. I\u2019ll ask a few of my banking guys if they\u2019d be interested. We mostly do multi-family, retail strip centers, and some houses, so I\u2019m not sure how active they are in industrial. I\u2019ll DM if anyone in my network is interested.", "replies": [{"id": "ijjd90l", "text": "Thanks man, I appreciate it for sure!", "replies": [], "depth": 2}], "depth": 1}, {"id": "ijjdjlv", "text": "What kind of leverage/term are you looking for and how stabilized is the property?", "replies": [{"id": "ijjg6ky", "text": "We typically get 75% LTV 5-10 yr term, 25 year am, rate varies but last couple deals have been between 4.5-5.25%. Property is fully stabilized, cmu construction, solid tenants, rents are just under market for the area and product type.", "replies": [{"id": "ijnjqo4", "text": "Sounds like a good deal to me, wish I could quote it....lol", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ijkmfz3", "text": "I'll give the opposite and say avoid First United, who is active in OKC. \n\nThey absolutely screwed up an industrial deal at that same loan size this spring. LO lied and said they had committee approval when they did not. Tried to re-trade loan rate 3 days before closing by 200 bps, it was a giant \"FU\" despite having a previous industrial lending relationship with 100% on time payment etc. This was after they had priced anticipated bumps into the initial term sheet. I managed to save the deal with another lender but it cost me.\n\nSince then I've heard similar stories from other people. I understand it was a tough spring for everyone, but First United did not honor commitments and hung multiple people out to dry. I'll never do business with them again, and would suggest anyone in North TX/OK stay away.", "replies": [{"id": "ijkx5k1", "text": "Honestly just as helpful as a recommendation. I\u2019ve had this happen with another lender before, not as bad but man it sucks when they have you over a barrel and try to re-negotiate terms late in the game", "replies": [{"id": "ijm8xfr", "text": "Definitely was a learning experience. Part of the problem was we couldn't \"go back\" to January and start over with term sheets that were available then. It cost me 25 bps rate, 50 origination, 2 months WALT on the closing extension, and three lost days of spring break vacation with my kid when they cancelled and I had to work the phones. I'm really most pissed about the last part.\n\nOn the plus side, I think EMD was only $50K and it was a good reminder to keep it low even if you feel really good about the deal. I almost walked.", "replies": [{"id": "ijmmtjn", "text": "Man, if I had a lender blow up my deal on vacation I'd be so pissed. Luckily on this one we have a good lender that can come through for us if we need, but always helps to be cautious and have everything in writing, certainly has saved me a few times.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ijpk85t", "text": "How soon do you need the loan ?", "replies": [{"id": "ijq31h1", "text": "We've got about 60 days to close, but that's flexible.", "replies": [], "depth": 2}], "depth": 1}]