Does Eastdil Secured D/E shops tend to promote Wells Fargo balance sheet and CMBS deals over other lenders?
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They 100 % do not. They would not get the amount of business they do if they only tried to promote WF.
Tough to see why they would do that. Eastdil's clients are some of the most sophisticated borrowers who can very well go directly to several lenders. For example, Eastdill recently arranged $360MM for Blackstone, I dont think Eastdill is risking a relationship with a borrower like Blackstone in order to get WF a deal. If anything, Eastdill will want to present as many quotes as they can so that they can show their value add.
That's a losing business strategy lol. WF is one of the most difficult and conservative lenders so they are often not the best option on the table.
I'm not saying in all circumstances. Say there are a couple lenders with similar term sheets, are you saying that absolutely 100% that the Wells quote might not get mentioned a couple more times?
I never worked for Eastdil so I can't say, but having been on that side of the biz here is my opinion. I don't think any top/rainmaker broker will guide his clients to a deal that might vaguely benefit a sister/parent company (unless he has some kind of major stake in it that greatly benefits him). Relationships are the lifeblood of those guys paychecks so any decision that threatens the longevity/future of a strong client relationship is not one they would take. Only short-sighted brokers would selfishly push clients towards deals that benefit themselves - there are dumb clients that might not notice. But smart ones will and they will remember that you did it. And that's likely the last time they will come to you. So unless WF is the best quote on the table, I doubt they have the incentive to push them towards it. IF they do in fact get some kind of incentive and WF is a top 3 deal that's splitting hairs between the terms of the competition, then probably.
Also just want to add another note - in terms of do they promote them in general - I'm sure they do. Oh we have the inner track with WF, we know their process, we have some extra pull etc. That is a VERY important consideration actually because as a debt broker if you are closing with a lender for the first time, and you aren't as in tune with their inner workings and execution risk - this is something you should point out to your client. I can remember many situations where I had to vehemently steer clients away from what looked like the best deal on paper (and would benefit us the most also) because we knew those lenders are full of shit and will likely retrade at the 11th hour. That's not only your job but one of your main value adds as a broker.
It’s very hard / almost impossible to get a non-recourse from Wells and the borrowers that are getting loans from them probably aren’t using a debt broker
This. Very good point. Even on value-add / construction deals I financed with top sponsors for projects in A+ locations, they were always wide. Per your point, it sounds like most of their biz must be direct on deals that don't need brokers (i.e. recaps on core+ trophy office, apartments etc).
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