!!Question for Syndicators and Syndication Investors!!

[Nicholas Burch]

This question is aimed at those actively syndicating property(Gp) or passively investing in syndications(Lp). What are the best terms to negotiate on the banknote after you have raised your target equity?

[Taylor L.]

Normally once you've raised the equity you're well past the time to be negotiating your debt. Those terms should be figured out and baked into your projections. 

Do those negotiations earlier. Make sure your debt is consistent with your business plan, you've hedged interest rate risks, and you understand all the terms (including any prepayment penalties)