In one sentence
A loan arranged by one or more lead banks and funded by a group of lenders, each directly a party to the credit agreement.
The longer version
Unlike a participation, syndicate members sign the loan documents and hold direct rights. An administrative agent manages funding mechanics, payments, and communication among lenders.
Syndication shows up in CRE on large single loans and facilities. For closers it multiplies the party list: every lender has counsel, closing conditions, and wire instructions.
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