There are over 40 providers of to-be securitized loans, i.e. conduit/CMBS loans in the market today. However, even in this highly competitive field, there is reason to hire a broker to both run the process and to bring the broker's experience in the market to your advantage. Each conduit lender has the ability to manipulate the pricing based on the level of performance their firm's loans have shown in the market, their relationship with B tranche buyers, composition of their book of loans, and many other factors.
In addition, the conduit lender has the ability to take less profit on any individual and/or shift profit expectation onto some loans while losing money on others. Furthermore, there are standout firms in certain niches, i.e. large loans, small loans, trophy properties, secondary markets, etc.
Last, but highly relevant, is the nature of the B piece and/or mezz capability of the lender, and whether they have a balance sheet for temporary or permanent holding of a mezz/B position. Most CMBS lenders appreciate a broker running the show, and you often benefit with tighter overall pricing and terms and better execution.