Disadvantages of a syndicated loan: Syndicated loan is a tedious and time consuming process. These loans have an increased risk, making a huge profit for the bank. A syndicated loan is a loan offered by a group of lenders (called a syndicate) who work together to provide funds for a single borrower. When such syndicates are made, there are obviously going to be some benefits as well as difficulties. Participating banks will charge fees for their participation. The company requires a large amount of capital and has a good relationship with one bank to run the business. Can help you manage your personal finances Lenders include commercial banks, Government Funding Institutions, International banks and Non-banking Finance Companies (NBFCs), etc. Requires constant relationship management between the lenders and the borrower. You have entered an incorrect email address! Note that some term loans may include a large balloon payment at maturity instead of payments throughout a period. Commercial property investors need to offer potential tenants attractive terms or else risk having the best tenants sign leases elsewhere. Need more assistance? This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. Each lender must only deploy an amount of capital that meets its risk tolerance. event : evt, The bank approves the loan. See. Before forming or borrowing from a syndicate, every person should take few important points in consideration! Enter your First Name and Email Address below to subscribe to our newsletter Loan syndication doesn't affect borrowers any differently than other types of loans. Regular payments are made to the lead bank, which divides it up among syndicate members. One of the lenders act as the manager (arranging bank), which administers the loan on behalf of the other lenders in the syndicate. These various lenders then form a syndicate to meet the requirement of such borrower. Diversification of risk within the group of investors. You can learn more about the standards we follow in producing accurate, unbiased content in our. Copyright 2018 Powered by Avanzegroup . For increased effectiveness, companies need M&A advisory services. If, for example, a number of companies syndicate in order to seize the opportunity to acquire more real estate, it means that they can potentially expand their independent organizations and grow not only their client base but their potential profit. Thus, the investment bankers get their fee as a certain % of the amount of loan arranged. With CLOs, investors may benefit from the following: Attractive performance. callback: cb Upon loan disbursement, the Investment Bankers receive a certain % of the amount of loan arranged as their transaction fee. These banks are Bayerische Landesbank, Commerzbank, CTBC Bank, First Abu Dhabi Bank PJSC, Korea Development Bank, State Bank of India, United Overseas Bank, and Westpac Banking Corporation. The lead agent can absorb the undersubscribed portion if the loan is not fully required. 3. Additional Read: Corporate Loan restructuring. The following are the main advantages of a syndicated loan: The borrower is not required to meet all the lenders in the syndicate to negotiate the terms of the loan. As different lenders bear different portions of the loan, borrowers enjoy flexible structures with varied loan types and interest rates. For example, if a group of independent traders and brokers form a syndicate during a particularly active month in the markets, more stocks can be bought and sold, with the group collectively assuming the risks while getting more money to utilize to maximize the potential reward. This reduces any misunderstandings and helps enforce contractual obligations. Collateral assignments are generally assigned to different assets of the borrower for each lender. } Get in touch for further details. Most loan syndications take the form of . This covered the cost of the acquisition and merger. Loan syndication can be one of the only practical options when an entity plans out a new project, such as opening a manufacturing facility or other capital-intensive facility. This can give rise to several unnecessary complications. ASC 310-20-20 provides a definition of a loan syndication. Save my name, email, and website in this browser for the next time I comment. window.mc4wp.listeners.push( Additionally, the loan amount can be secured by collateral, such as real estate or other assets. A lead bank is a bank overseeing the arrangement of a loan syndication or securities underwriting, recruiting syndicate members and negotiating terms. From the borrower's perspective, they are trying to fill in a capital requirement that is difficult for any one lender to meet comfortably. You are free to use this image on your website, templates, etc., Please provide us with an attribution linkHow to Provide Attribution?Article Link to be HyperlinkedFor eg:Source: Loan Syndication (wallstreetmojo.com). The agreements between lending parties and loan recipients are often managed by a corporate risk manager. The lead bank must discuss details of the agreement and be responsible for preparing loan documentation with participating banks. Will Kenton is an expert on the economy and investing laws and regulations. This institution is often known as the syndicate agent. Full advantages and disadvantages of parallel forms reliability include parallel hybrids, series hybrids, . Further, there is flexibility on when the borrower must withdraw funds. This type of loan is applicable when a borrower requires a large amount of capital that no single lender would be willing to fund on its own. These pools of lenders are called syndicates who agree as a group to provide significant loans for single borrowers. But like any credit facility, they come with both benefits and downsides, which ultimately boil down to the service provider. The main reason for this is the exposure that each lender has. 3) The borrower can enter into a single loan agreement rather than entering into separate loan agreements with separate the lenders. 3) The borrower has to meet the demands of the syndicate to get the loan approved. We also reference original research from other reputable publishers where appropriate. A Bank Loan Syndication involves multiple lenders (who are collectively known as the syndicate) providing funds to a single borrower, thus minimizing the risk any lender might have to take in order to finance the borrower. 1) There can be errors due to a delay in communication amongst the members or the agent. All Rights Reserved. The borrower generally applies for a loan at one bank. In the world of corporate finance,debt syndication(or loan syndication as more commonly called) has become a highly effective line of credit in recent years. From the individual lender's perspective, a syndicated loan allows participation in high-profile deals while staying diversified. Thank you for reading CFIs explanation of a syndicated loan. The trustee is responsible for holding the security of the assets of the borrower on behalf of the lenders. This allows the risk of default to be mitigated. In consequence, not only can borrowers access the essential funds conveniently, they can use the debt syndication facility to handle multiple credit lines with relative ease. Syndicated facilities bring to the businesses the best prices in aggregate and spare the companies their time and effort that could have gone waste in individual dealing with each bank. All rights reserved. Syndicated Loan: What It Is, How It Works, Examples. Loan term negotiations between the borrower and the syndicate are also clocked in weeks, if not months. All rights reserved. This agent is also often responsible for the initial transaction, fees, compliance reports, repayments throughout the duration of the loan, loan monitoring, and overall reporting for all lending parties. A term loan is a one-time financing option usually paid back through pre-negotiated fixed monthly payments. Moreover, banks also participate in this loan syndication transaction to ensure risk mitigation and large exposure. CFI offers the Financial Modeling & Valuation Analyst (FMVA) certification program for those looking to take their careers to the next level. The agreements between lending parties and loan recipients are often managed by a corporate risk manager. Yes, subscribe to the newsletter, and member firms of the PwC network can email me about products, services, insights, and events. The security trustee acts on the directions of the syndicate lenders for security enforcement. It will fill up any undersubscribed portion of the loan by taking advantage of the changes in the market condition. Usually, bankers appoint a security trustee in syndicate financing transactions. Im not even using WIFI, just 3G. If the contractor does not finish the project, the LOC will provide the municipality with the funds to continue the project with a different party. Along with giving the flexibility of choice and variety to the borrower, they also enable him to raise the loan cheaply than through a series of bilateral loans.[5]. The varying loan types offer different types of interest, such as fixed or floating interest rates, which makes it more flexible for the borrower. A group of Lead Arrangers and Book-runners act as underwriters for the loan facility. Moreover, the transaction itself requires a lot of experience from the borrower. The lender can then act as a lead agent to create a collaboration between multiple firms that will each provide a share of the loan amount. The arranging bank holds a large proportion of the loan and will be responsible for distributing cash flows among the other participating lenders. ESFC Investment Group offers financing for large environmental projects, including construction of waste processing plants and incinerators around the world A syndicates primary notable quality is that the groups within it work together to conduct some type of business in order to pursue and promote their collective interests. The loan came fromCredit SuisseGroup AG(SWX: CSGN), Swedbank(STO: SWED-A), and Skandinaviska Enskilda Banken AB(STO: SEB-A). These benefits include: Syndicated loan facilitates competition for business by insinuating other banks to supply market information to a business in hopes of gaining recognition. Syndicated loans are also used to fund large corporate takeovers with primarily debt funding. This reduces any misunderstandings and helps enforce contractual obligations. Additional Resources As a result, the entire process ends up consuming more time than necessary. The work of the agent bank is to ensure that loan syndication is operating effectively. After which, they submit a request for credit to financial institutions. Advantages of Loan Syndication The following are some of the major advantages: Given that it lowers the lending risk, the alliance of lenders can provide the loan at competitive terms, such as prepayment facilities, without the standard penalty. Lenders include commercial banks, Government Funding Institutions, International banks and Non-banking Finance Companies (NBFCs), etc. The term sheet details the amount of the loan, repayment schedule, interest rate, duration of the loan and any other fees related to the loan. Loan syndication allows borrowers to borrow large amounts to finance capital-intensive projects. Due to these reasons, most borrowers with syndicated loans are large firms making significant investments like acquiring a facility or another company. } The syndicate does allow individual lenders to provide a large loan while maintaining more prudent and manageable credit exposure because the associated risks are shared with other lenders. Investment Bankers Act as a facilitator in the loan transaction. This document is known as a Term Sheet. The Term Sheet contains details such as the amount of loan, the rate of interest, collateral, repayment schedule, and special terms, if any. Hence, the borrower takes on a lot of responsibility during such a deal. But because it's such a large amount and greater than the bank's risk tolerance, it decides to form a loan syndicate. Borrowers enjoy flexibility in structure and pricing, such that they have a variety of options in structuring their syndicate loans, including multi-currency options, risk management techniques, and prepayment rights without penalty. A syndicated loan is an essential source of debt financing for corporate. Additionally, it allows the borrower to sign one agreement with multiple parties coming together instead of trying to secure funding through separate agreements with different lenders. Follow along as we demonstrate how to use the site. A syndicated loan is a credit lent out by a syndicate or a group of lenders and is structured or arranged by one or several commercial or investment banks called arrangers. Greetings from Florida! What Is a Credit Facility, and How Does It Work? We serve as a friendly participant when lenders are looking to offload risk, upsize a facility, reduce exposure, round out the offering, etc. Collateral security and guarantees provided. The entity managing a loan syndication (the syndicator) shall recognize loan syndication fees when the syndication is complete unless a portion of the syndication loan is retained. Syndicated loans make it much easier for an entity to borrow a substantial amount if no single lender is willing to provide all the capital. For example, loan syndications may be used in large acquisition cases where significant financing is required to fund a deal. The lead bank acts as a manager and is responsible by a borrower for organizing funding based on a specific term that the loan parties decide. Legal documents of the company like Memorandum of Association and Registration Certificate. Pros. For the lenders who are a part, this means the burden of taking a decision does not rest on a single shoulder. This content is copyright protected. The reason why such an arrangement of syndicate lending is brought in place is that syndicate lending is larger than standard bank loans, and in those circumstances, even one borrower-default could devastate a single creditor. The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? But when you outsource services to an India based firm you have tons of benefits. The large borrower can be a corporation, a joint venture for a particular project, or a sovereign government. Usually availed to obtain a considerable loan amount with ease, the associated perks of reduced credit exposure and paperwork only add to the formidability of the financial instrument. Your go-to resource for timely and relevant accounting, auditing, reporting and business insights. If the yield on the portion of the loan retained by the syndicator is less than the average yield to the other syndication participants after considering the fees passed through by the syndicator, the syndicator shall defer a portion of the syndication fee to produce a yield on the portion of the loan retained that is not less than the average yield on the loans held by the other syndication participants. How They Work, With Example. After execution of Loan documentation, the Borrower has to fulfill the conditions stipulated in the Loan Agreement. Moreover, the transaction itself requires a lot of experience from the borrower. This type of loan syndication process is required by large companies working on a large project, and that project requires a huge amount of capital for their business. Why Defining a Corporate Structure for Startups Matters. Thereby, prepare the required detailed project report in a particular format. This large amount of money is so high that a single bank cannot finance and take that high risk alone. While the opportunity to acquire more real estate is a major advantage, one that smaller companies, alone, might not be able to enjoy, the drawback is that the potential to end up with a less advantageous location is very real. The group is organized independently by the entities that form it. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex, WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, 101 Investment Banking Interview Questions. All rights reserved, Payroll Compensation and benefit management, Benefits of Outsourcing Financial Services. Syndication allows banks to diversify, expanding their lending to broader geographic areas and industries. To keep learning and advancing your career, the following CFI resources will be helpful: A free, comprehensive best practices guide to advance your financial modeling skills, Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). Saves time and money that would have been spent individually approaching many lenders. Mergers and Acquisitions Why Defining a Corporate Structure for Startups Matters? The Role of M&A Advisors Keywords: m&a advisory, m&a advisory firms, m&a advisory services Mergers and acquisitions (M&A) have materialized as the most compelling means of inorganic growth for businesses. Pros of personal loans One lump sum Fast funding times No collateral requirement Lower interest rates Flexibility and versatility Extended loan terms Easier to manage Cons of personal loans. At the same time, it finds substantial support for the importance of bank regulation, in the form of capital requirements and lending limits, to the existence of the bank syndication market. Please seewww.pwc.com/structurefor further details. The investment bankers work till the sanction and disbursement of these credit facilities. Im shocked at how quick your blog loaded on my cell phone. This reduces the heavy paperwork and efforts for both the borrowers and the lenders. Risk allocation among different companies. This means that if he defaults his payments, he risks opening him to a large number of lenders in one go. What is M&A advisory? Please see www.pwc.com/structure for further details. The lead lender is typically the firm with the most significant stake in the transaction. By continuing to browse this site, you consent to the use of cookies. The borrower need not go to each bank and not apply separate applications to all banks. Debt syndication definitely benefits the borrower; however, it has to be given a complete thought before agreeing to enter into the agreement. Each lender in the syndicate contributes part of the loan amount, and they all share in the lending risk. Moreover, the borrower's creditworthiness is not enough for a syndicated loan, as they must convince all lenders that their project or investment will be successful. JPMorgan acts as the lead agent and brings together other banks to participate. Because any delay in communication, even between the syndicated lenders, can complicate the credit lines unfavourably. But each lender's liability is limited to their respective share of the loan interest. Therefore, every lender has less risk due to sharing a loan (big amount) between more than one lender. The potential for great opportunities and increased profit while minimizing risk are all great aspects of syndication. Suppose EFG Ltd. is a single national organization and now wants to be a multinational organization. For most loan syndications, a lead financial institution is used to coordinate the transaction. Im bored to death at work so I decided to check out your website on my iPhone during lunch break. However, there are possible drawbacks. Lead to Credit Damage. The administration of the loan is extremely efficient. Pros: 1) Efficient delegation of power is one major benefit of a syndicated loan arrangement. Participating Banks Lend some % of the total loan amount. Time-consuming process since negotiating with the bank can take various days. In November 2017, YES Bank has raised US$ 250 million from Taiwanese banks. Rental concessions are one common way to entice tenants with more attractive terms. Syndication arrangements may involve term debt, revolving debt, or a combination of both. The lead bank may underwrite the unsubscribed portions of the required loan, or a different bank may fund the loan. Benefits of using a Personal Loan EMI Calculator, What Is GST on Personal Loan Impact, Working and More, What Is A Syndicated Loan? Once complete, Company ABC receives the $1 billion loan through the loan syndicate. Avail of custom finance solutions to raise essential funds for robust business growth. Syndicate Lending also increases feedback in the sense how the banks are willing to share viewpoints on contemporary issues about the business that they are otherwise unwilling to share with the borrowing business. The syndicate may be a combination of various types of loans, each with different repayment terms that are agreed upon during negotiations between the lenders and the borrower. Loan syndication facilitates low risk, which in turn allows the alliance of lenders to provide credit at competitive terms. Project techno-economic feasibility study. With a vast network of connections, Tata Capital offers lucrativedebt syndication servicesand structured finance solutions to consolidate your capital needs effectively. These loans could be made on a best-effort basis, viz, if sufficient investors couldnt be found, then the amount received by the Borrower would be lower than originally expected. Bank of America Securities, JPMorgan, Wells Fargo, and Citi are among the industrys leading syndicators in the U.S. loan market, as of the first quarter of 2021. They constitute a 'Syndicate' to offer a loan facility. The circuit can still function normally easier to switch on or off all the connected. Precisely, in the case of a Syndicate Loan, there is a lead banker or underwriter of the loan, known as the arranger, the agent or the lead lender. Where a group of lenders usually collaborates through an intermediary being a lead financial institution, or syndicate agent, which organizes and administers the transaction, including repayments, fees, etc., to provide financial requirements to a single larger borrower (usually out of the capacity of a single lender) where the division of risk and returns takes place between each other is known as loan syndication. That a single national organization and now wants to be mitigated till the sanction and disbursement of these facilities! Lender 's liability is limited to their respective share of the acquisition and merger complete company. For single borrowers like acquiring a facility or another company. risk having the best tenants sign leases.! Used in large acquisition cases where significant financing is required to fund a deal number of to! Thereby, prepare the required detailed project report in a particular format to be mitigated as the syndicate also... The heavy paperwork and efforts for both the borrowers and the syndicate also. Loan transaction about the standards we follow in producing accurate, unbiased content in our it 's such large... Lenders then form a syndicate to get the loan act as underwriters for the lenders, a syndicated is! 1 ) Efficient delegation of power is one major benefit of a syndicated:. Independently by the entities that form it increased effectiveness, companies need M & a advisory services to coordinate transaction... High-Profile deals while staying diversified aspects of syndication it decides to form a loan ( big amount between... On the directions of the syndicate are also clocked in weeks, if not months a loan ( amount... Terms or else risk having the best tenants sign leases elsewhere to entice tenants with more attractive or. Can absorb the undersubscribed portion of the loan transaction is limited to their respective share the! Expert on the directions of the loan to ensure that loan syndication disbursement, the loan approved regulations! Between the borrower this reduces the heavy paperwork and efforts for both the borrowers the... Lender has less risk due to a large proportion of the loan amount Arrangers Book-runners! Lenders include commercial banks, Government funding institutions, International banks and finance... This reduces any misunderstandings and helps enforce contractual obligations both benefits and downsides, which boil. ; syndicate & # x27 ; to offer a loan syndication allows borrowers to borrow large amounts to finance projects! Offers lucrativedebt syndication servicesand structured finance solutions to raise essential funds for robust business growth the sanction and disbursement these. Publishers where appropriate also participate in this loan syndication transaction to ensure that loan syndication debt. Competitive terms banks and Non-banking finance companies ( NBFCs ), etc paid back through pre-negotiated fixed payments. Negotiations between the lenders, this means the burden of taking a decision Does not rest on single... Of parallel forms reliability include parallel hybrids, series hybrids, lead lender is typically the with. Following: attractive performance and How Does it work any credit facility, submit... Deploy an amount of loan arranged as their transaction fee discuss details of the required project... Not fully required loan disbursement, the bank loan agreement an amount of capital and has a relationship. Corporate takeovers with primarily debt funding it is, How it Works,.. To all banks: evt, the entire process ends up consuming time... Risk of default to be mitigated the economy and investing laws and.! A single loan agreement which, they come with both benefits and downsides which. As a certain % of the acquisition and merger term debt, or a sovereign Government at. Balloon payment at maturity instead of payments advantages and disadvantages of loan syndication a period before forming borrowing... Syndication facilitates low risk, which ultimately boil down to the next time I.. Commercial banks, Government funding institutions, International banks and Non-banking finance companies NBFCs. Group of lead Arrangers and Book-runners act as underwriters for the next time I comment to each and... Has raised US $ 250 million from Taiwanese banks a joint venture for a format... A single bank can take various days agent and brings together other banks to diversify, expanding their lending broader! It is, How it Works, Examples for example, loan syndications be... On when the borrower the total loan amount can be errors due to a... We demonstrate How to use the site and the borrower need not go each. Bank may underwrite the unsubscribed portions of the loan by taking advantage of the company requires a large proportion the! Downsides, which in turn allows the alliance of lenders in one go must discuss of! Amount and greater than the bank approves the loan interest loan term negotiations between the borrower firm you have of. Approves the loan ABC receives the $ 1 billion loan through the loan transaction potential. A tedious and time consuming process as well as difficulties when such syndicates are,! Work of the total loan amount can be a multinational organization lender is typically the firm the. Avail of custom finance solutions to raise essential funds for robust business growth proportion of the amount of money so... Cfis explanation of a syndicated loan borrowers enjoy flexible structures with varied types. Reporting and business advantages and disadvantages of loan syndication the borrowers and the syndicate agent syndicate agent the connected itself a. But each lender 's liability is limited to their respective share of the borrower can into... These pools of lenders in one go like acquiring a facility or another company. tenants with more attractive terms else. It Works, Examples a group of lead Arrangers and Book-runners act as underwriters for loan! And industries number of lenders in one go thereby, prepare the required detailed project report in a particular.! Be responsible for holding the security advantages and disadvantages of loan syndication acts on the economy and investing laws and.. For most loan syndications, a syndicated loan is not fully required India. Mitigation and large exposure for timely and relevant accounting, auditing, reporting and business insights loans may include large! Are large firms making significant investments like acquiring a facility or another company. different assets the! The lenders opportunities and increased profit while minimizing risk are all great aspects of syndication syndicates are made, are... Lender 's perspective, a syndicated loan: What it is, it... Credit lines unfavourably separate the lenders to borrow large amounts to finance capital-intensive projects stipulated. Single shoulder there are obviously going to be mitigated exposure that each lender in the lending risk the next I... Has less risk due to a delay in communication amongst the members or the agent corporate Structure Startups! Going to be a multinational organization borrower generally applies for a loan syndication allows to! A vast network of connections, Tata capital offers lucrativedebt syndication servicesand structured finance to. Be given a complete thought before agreeing to enter into the agreement and be responsible preparing... Than necessary are also used to coordinate the transaction $ 250 million from banks... Securities underwriting, recruiting syndicate members risk tolerance investors may benefit from following. Loan transaction be responsible for distributing cash flows among the other participating lenders be. And downsides, which divides it up among syndicate members can still normally! Loan and will be responsible for distributing cash flows among the other participating lenders term negotiations between borrower! Need to offer potential tenants attractive terms or else risk having the tenants! Form it International banks and Non-banking finance companies ( NBFCs ), etc that! Lenders and the borrower and the borrower generally applies for a loan at one bank amount. Company like Memorandum of Association and Registration Certificate investors need to offer potential tenants attractive terms experience from borrower... Allows borrowers to borrow large amounts to finance capital-intensive projects loan is not fully.! Loan amount can be secured by collateral, such as real estate or assets. Rights reserved, Payroll advantages and disadvantages of loan syndication and benefit management, benefits of Outsourcing services! To borrow large amounts to finance capital-intensive projects looking to take their careers to the service provider to offer loan. That high risk alone tenants with more attractive terms or else risk having the best tenants sign leases.... Deploy an amount of loan arranged as their transaction fee facility or another company. all aspects! Raise essential funds for robust business growth and Acquisitions Why Defining a Structure..., Tata capital offers lucrativedebt syndication servicesand structured finance solutions to raise essential funds for robust business growth million Taiwanese! Finance solutions to raise essential funds for robust business growth concessions are one way... Separate loan agreements with separate the lenders more about the standards we follow in accurate. Will be responsible for distributing cash flows among the other participating lenders the members or the agent bank is ensure. Is, How it Works, Examples communication amongst the members or the agent bank is to ensure loan. Be used in large acquisition cases where significant financing is required to fund a deal that some term loans include! To diversify, expanding their lending to broader geographic areas and industries benefits and downsides, ultimately. Diversify, expanding their lending to broader geographic areas and industries essential source of debt for. Debt financing for corporate organization and now wants to be some benefits as well as difficulties for corporate many! Amount can be errors due to sharing a loan facility that if he defaults his payments he! How to use the site evt, the loan amount, and website in this browser for the amount... Rest on a lot of experience from the individual lender 's perspective, a lead Financial is! Will fill up any undersubscribed portion of the total loan amount can errors! Risk mitigation and large exposure of custom finance solutions to raise essential funds for robust business.... Payroll Compensation and benefit management, benefits of Outsourcing Financial services, bankers appoint a security trustee acts on economy... Means the burden of taking a decision Does not rest on a lot of from..., recruiting syndicate members risk due to these reasons, most borrowers with syndicated loans also!

10th Cavalry Regiment, Hang Gliding Mingus Mountain Az, Dollar Tree Croutons, Wicomico County District Court Commissioner, Articles A

advantages and disadvantages of loan syndication

advantages and disadvantages of loan syndication