Lender give money to borrower. Photo: create jobs 51/Shutterstock Primer on Commercial Real Estate Loan Transactions Involving Multiple Lenders, Part 2
This two-part series examines several significant aspects of "syndicated" and "participated" commercial real estate loans. The first installment provided a primer on the important features of syndicated loans. This final installment focuses on loan participations and provides a summary of the key differences between these two constructs.
July 10, 2023 at 11:38 AM
5 minute read
Analysis
This two-part series examines several significant aspects of "syndicated" and "participated" commercial real estate loans. The first installment provided a primer on the important features of syndicated loans. This final installment focuses on loan participations and provides a summary of the key differences between these two constructs.
The Participated Loan
While the terms "participation" and "syndication" are often used interchangeably by banking professionals, there are significant legal and practical differences between the acquisition of a "participation interest" or a "share interest" in a loan. It is important for a lender—and a borrower-sponsor—to be aware of the differences between these structures in order to determine which structure best fits the parties' goals, interests and risk profile, even if the underlying investment is the same in either case.
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