The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
There are times when a lender might want to get back some of the money it has lent to a borrower before the borrower is due to repay it.
If the borrower is performing its obligations under the loan agreement, the lender cannot demand early repayment of the loan or take any steps to recover amounts from the borrower. The only option therefore, is to look to transfer the loan to another lender.
This Practice Note considers:
the main methods of transferring a loan under English law
key transfer provision issues, and
transfers to other jurisdictions
Transferring the loan might be the objective from the outset of the transaction if, for example:
there is insufficient time to get a syndicate of lenders together at the start of the transaction so that one lender has to make the initial advance with a view to forming a syndicate later
a lender wants to boost its profile by being seen to participate in a significant or 'iconic' transaction with the intention of off-loading the risk once it has added value to its reputation, or
a lender sees an opportunity to charge a lucrative underwriting fee and then exit the transaction once the fee has been paid
Alternatively, a lender might plan to be involved for the duration of a transaction but decide to exit early because it wants to, for
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