Why does nobody talk about agency debt for value-add deals

Spent 4 months chasing bridge lenders for a 120 unit property in Cleveland, ended up paying 8.25% with a 1.5 point fee. Then my broker suggested going to a life company for agency debt even though we planned to add units. Same deal got 6.9% fixed for 10 years with a 3 year interest only period. The underwriting was slower but the savings worked out to almost $40k a year. Has anyone else tried agency financing for a value-add and found the lower rate worth the extra paperwork?

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