Might not be them retrading. A lot of times DUS lenders get too overzealous when providing soft quotes - which is basically pricing and preliminary terms that they believe agencies would offer. Reason for being aggressive is to lure in business by showing attractive spreads. However, to get an actual term sheet out to a client, you’ll need a formal quote from agencies, which are not beholden to the soft quote you put out to the client. So maybe they soft quoted you at 250 over UST but then really the deal is quote 270 over UST. I would say that’s just an indicator that their production manager has a poor feel for where the agencies are pricing stuff and/or they are not pushing hard enough to get pricing discounts for their clients. 

I've worked there for a number years in their structured finance (bridge lending program). 

Feel free to ask any questions...

Culture = Newer guys are going to need to show a lot of face time and earn respect from the senior folk 

WLB = in line with other direct lenders; hours can be brutal. extremely high expectations and everything is always urgent 

Benefits = shit 401k match, late ride taxis home and dinner in office reimbursed 

Comp = below market; always negotiate. HR will lowball you with whatever initial offer they can. 

Progression = tough as nails to get any decent bump in pay. look at how their team is organized and notice how a lot of junior folks are not there long term. 

I will say if you are young into your career, this is a great place to start to see tons of volume and learn under a solid credit program. The tough part is your exit opportunity. 

What role are you looking at?

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