Hey @Kenneth Lee
In my experience, loan size alone is irrelevant. What matters more is whether the borrower in question has the (i) time, (ii) contacts, (iii) experience, and (iv) ability to effectively communicate & package their loan request to banks & credit unions in a way that is compelling to those lenders.
IE - it's more a question of borrower pedigree, not necessarily loan size. Below is a quick summary of different borrower types, so you can see where you might fit in.
1. Institutional Borrowers (With In-House Capital Markets Team): We work with many institutional clients with 1,000's of units under management that have in-house capital markets teams. These in-house capital markets teams' sole job is to self-market their own loan requests, regardless of loan size. Members of these in-house capital markets teams typically have prior experience working at multifamily debt brokerages, investments sales shops, etc., and a full rolodex / database of lenders whom they have rapport with to boot. IE - these are highly experienced borrowers with prior debt brokerage experience and a full in-house team dedicated to shopping debt for them. These clients typically do not need to use a debt broker (unless the lender specifically requires them to work with one - such as Freddie Mac, Fannie Mae, life company correspondents, debt funds, and certain banks / credit unions).
2. Institutional / Middle Market Borrowers (No In-House Capital Markets Team): On the flip side , we work with some institutional / middle market borrowers that do not have in-house, dedicated capital markets debt teams. Typically, these groups will approach 1-3 relationship banks directly, but hire us to shop the loan to the rest of the market. That said, sometime these clients don't want to deal with shopping the debt at all - and fully dedicate the debt brokerage process to us. At the end of the day, it really depends on the borrower profile, and their priorities as they relate to time, fees, etc.
3. Individual High Net Worth Borrowers (With Prior Experience As Multifamily Debt Broker): We have a few mom & pop clients who previously worked as multifamily debt brokers at major shops like Berkadia, CBRE, JLL, Walker & Dunlop, Etc. These individuals are highly experienced in the art of debt brokerage, and are capable of marketing their own loans (regardless of loan size). These borrowers typically have full databases of lender contacts whom they have existing relationships with, so they know who to contact and how to contact them. They also have a good understanding of different lenders' appetites, and thus can save time by filtering out lenders that won't be competitive. These borrowers typically don't need our help brokering bank & credit union loans, unless they don't have the time / energy / desire to do it themselves (or again - are required to use a broker by Freddie Mac, Fannie Mae, a correspondent life company, debt fund, or specific bank / credit union). Again, it depends on the borrower's priorities (time / energy / fees / opportunity cost of finding new deals / etc)
4. Individual High Net Worth Borrower (No Prior Experience As a Debt Broker): In my opinion, it's individual mom & pop investors with no prior multifamily investment sales or debt brokerage experience that need brokers the most. These borrowers are typically out of the market for extended periods of time, have limited contacts in the debt world, lack understanding of how different loan programs work, and are susceptible to working with the one bank / credit union loan officer that they know through their family, friends, church group, college, etc. The result is typically less loan proceeds, lower rate, worse terms, etc. These are the people - in my opinion- that need loan brokers the most, since they really don't have a grip on the market - and are thus more susceptible to agreeing to suboptimal loan proceeds / rates / terms.
IDK if that helps of not, but generally speaking it's not a question of loan size. It's a question of borrower experience, pedigree, time constraints, and priorities.