Trying to understand the economic justification for a debt broker to join say a REIT and act as their internal source of securing financing. If a larger company averages 5 deals at year at $200M, and this gal/guy and team handle it themselves, ie no external brokers, where's the value proposition to a broker to join a corporate putting together that type of team of 5-6 people, plus other corporate responsibilities as well, but in total net far below what you'd see a broker team pull in on even commodity assets (thinking 25 bps but correct me if wrong because it changes my math) in the open market.
Say $1B/year in assets = $2.5M in fees in market, however companies may have a payroll of $1M handling this. For argument's sake, say the average volume/year is $750M over 5 years, it still looks like massive savings unless I'm missing something. How does this make sense to experienced debt gals/guys?
EDIT: I realize now I may be missing the house/team split, which probably gets me closer