LA SINDICACIÓN DEL PRÉSTAMO PARA EL DESARROLLO INMOBILIARIO EN EL CORPORATE FINANCE. SU POSIBLE OPTIMIZACIÓN.

Abstract

In December last Act 41/2007 on the mortgage market went into force. Among other purposes, it was enacted to legalise and give greater flexibility to some of the operations that the banking industry had been performing assiduously (e.g., reverse mortgages, rechargeable mortgages and what the act's preamble calls «floating » mortgages). However, the new regulation has not solved the problems concerning loans whose large size and purpose (corporate financing) make it best for a number of banks to be involved in providing the money. These are syndicated loans, which are sometimes secured by real estate mortgages. This paper analyses the real situation of syndicated loans in current Spanish law (e.g., the mode of mortgage used -ordinary or security mortgage- and the possibility of bringing new lenders into the consortium after its creation); and it suggests a tool to help address the various legal problems: the euromortgage, a guarantee that is contractually accessory to the loan and can pave the way to secure, flexible, pan-European loan syndication.