Best Way to Use Agency Small Balance Loan Products? (Multifamily)

[Jered Sturm]

Hey BP Members. 

up until this point, our company has used local and regional banks for our debt. Now that our balance sheet and liquidity has risen we are weighing in agency debt as well for a potential $3-4M Purchase, but my experience level with it is low so I have a few questions I am hoping others have experienced. 

I have heard Fannie and Freddie are solid options for stabilized MF under $5M when using their small balance products. 

-What type of costs ranges are typical for third party, lender legal and closing, and any fees? 

-I have never used a mortgage broker in the past. Would you suggest it when getting agency debt? If so I am anticipating a 1% fee from the mortgage broker. Am I in the right ballpark for this type of loan and size?

Any additional thoughts or experience with this type of debt is appreciated!