A syndicated loan (or "syndicated facility") is a large loan in which a group of banks work together to provide funds for a borrower. There are typically more than 2 banks involved in a syndication. There is usually one or more lead bank that takes a percentage of the loan and syndicates the rest to other banks. A syndicated loan is the opposite of a bilateral loan, which only involves one borrower and one lender (often a bank or financial institution.) A syndicated loan is a much larger and more complicated version of a participation loan.