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  3. Law (general)

prestamista concurrente

English translation: joint lender

10:02 Mar 13, 2024
Spanish to English translations [PRO]
Law/Patents - Law (general) / Powers of attorney
Spanish term or phrase: prestamista concurrente
"A su vez XXX XXXX XXXX XXXXX interviene en nombre y representación de “XXXXXXXXX XXXXXX, S.L.”, sociedad unipersonal, como parte prestamista concurrente, con domicilio en XXXXX, calle XXXXXXX XXX Nº X, X."

"La Hipoteca es una única hipoteca de primer rango sobre el Inmueble, otorgada a favor de los dos Prestamistas Concurrentes en este mismo acto en virtud de la Financiación Hipotecaria."

Then there is a mention of "esta Escritura y la Financiación Hipotecaria Concurrente".

I am having difficulty understanding this concept. Any help would be appreciated!
James Salter
Spain
Local time: 09:19
English translation:joint lender
Explanation:
I'm not necessarily disagreeing with 'concurrent' or 'participating', but I think this is a much more common term where there are two lenders.
Selected response from:

philgoddard
United States
Grading comment
Thanks Phil.
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +3concurrent lender
neilmac
4Participating/intervening (money)lender
Toni Castano
4joint lender
philgoddard
Summary of reference entries provided
this may help
AllegroTrans

  

Answers


32 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
concurrent lender


Explanation:
I'm no financial wizard or mortgage expert, but I think this may be what you're looking for.


    Reference: http://www.lawinsider.com/dictionary/concurrent-loan
    Reference: http://www.jstor.org/stable/3694803
neilmac
Spain
Local time: 09:19
Meets criteria
Native speaker of: Native in EnglishEnglish
PRO pts in category: 662

Peer comments on this answer (and responses from the answerer)
agree  patinba
1 hr
agree  AllegroTrans: Yes, separate lenders providing separate loans; "concurrent" here implying that that they both have the same priority
4 hrs
agree  Adrian MM.: speculatively the only way out of the ambiguity of a competing lender - or one joining in the Deed & a competing mortgage advance when there is only one ranking first in priority : 'una única hipoteca de primer rango' https://www.jstor.org/stable/3694803
10 hrs
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
Participating/intervening (money)lender


Explanation:
“Concurrente” means in this context the same as “que concurre(n)”, i.e. “who intervene(s)/participate(s)” (singular or plural) or “participating/intervening” (= participante/interviniente). Below, you can see the DRAE definition pertinent in this case:

https://dle.rae.es/concurrir
concurrir
1. intr. Dicho de diferentes personas o cosas: Juntarse en un mismo lugar o tiempo.
Sin.: coincidir, confluir, converger, juntarse, reunirse, afluir, agolparse, arremolinarse

In the last example of “concurrente”, when the text deals with the mortgage itself (“financiación hipotecaria concurrente”), the adjective “concurrente” has a very similar meaning, akin to the previous cases, and it could be rendered as “the applicable mortgage funding”.

Since the text displays the verb “interviene” at the beginning of the phrase (interviene en nombre y representación…), you can use “participating” instead of “intervening” to avoid a repetition, but the meaning remains identical.

https://fastercapital.com/startup-topic/syndicated-loan.html
(…)
3. Participating Lenders
The participating lenders are the lenders that provide funds to the borrower in a syndicated loan. These lenders may include banks, insurance companies, and other financial institutions. The participating lenders share the credit risk associated with the loan and receive a portion of the interest paid by the borrower.


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Note added at 3 hrs (2024-03-13 13:05:27 GMT)
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Just one example about “intervening” in this context:
https://www.atgf.com/tools-publications/pubs/september-2001-...
(…)
From a policy perspective, without subrogation of the original lien, lenders may be unwilling to refinance mortgages and intervening lenders would benefit from the payoff by the refinancing mortgagees.


Toni Castano
Spain
Local time: 09:19
Does not meet criteria
Specializes in field
Native speaker of: Spanish
PRO pts in category: 127
Notes to answerer
Asker: I agree with you on this, I just think that in the context it has to be "joint lender" or "co-lender".


Peer comments on this answer (and responses from the answerer)
neutral  Andrew Bramhall: 'Participating lender' is fine, but not 'intervening' for me in this context, hence only a neutral.
33 mins
  -> Okay, only "participating".
neutral  philgoddard: 'Intervening' is wrong.
2 hrs
  -> Okay, only "participating".
neutral  AllegroTrans: I think both your suggestions are incorrect // "concurrent" here means there are two loans existing at the same time but "participating" does not convey this
3 hrs
  -> No, you are wrong. Thanks for your opinion, though. // No, Allegro, you don't understand the source, as I see.
neutral  Sandro Tomasi: I agree with your “concurrente not equal to concurrent” premise.
11 hrs
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4 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
joint lender


Explanation:
I'm not necessarily disagreeing with 'concurrent' or 'participating', but I think this is a much more common term where there are two lenders.

philgoddard
United States
Meets criteria
Specializes in field
Native speaker of: English
PRO pts in category: 868
Grading comment
Thanks Phil.
Notes to answerer
Asker: I think this is it. There are two lenders - that is the crucial point (I could have given some more context here), and I initially considered "co-lenders". Thanks everybody for your input.


Peer comments on this answer (and responses from the answerer)
neutral  AllegroTrans: problem here is that a concurrent loan usually means a separate loan taken out with one's principal loan; the second lender doesn't become a joint lender with the first lender // I would not call them joint lenders where these are separate loans
43 mins
  -> All we know is that there are two of them, so they're joint lenders.
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Reference comments


4 hrs
Reference: this may help

Reference information:
A concurrent loan involves taking out a second personal loan alongside your current loan. This means having two separate repayments each month. Some lenders offer concurrent loans to their customers, while others (including Bamboo) do not.23 Feb 2021

A top-up loan or a concurrent loan - which option is best?

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Note added at 6 hrs (2024-03-13 16:19:41 GMT)
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Can You Have More than One Personal Loan?

There’s no formal restriction on how many personal loans you can have at once. However, some lenders might set their own limits on how many concurrent personal loans you can have with them.

Additionally, when lenders review your application, they will consider how many other loans you have outstanding with other providers. If you have several personal loans in repayment, a lender might be reluctant to approve another personal loan for you.

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Note added at 6 hrs (2024-03-13 16:20:11 GMT)
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Top-up loans - Plata
plata.com
https://www.plata.com › top-up-loans
Can I apply for a concurrent loan? ... Plata does not offer concurrent loans. If you already have a loan with us and would like to borrow some more money, you can .

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Note added at 12 hrs (2024-03-13 22:27:46 GMT)
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concurrent
operating or occurring at the same time
: operating or occurring at the same time.6 days ago

Concurrent Definition & Meaning - Merriam-Webster
Merriam-Webster
https://www.merriam-webster.com › dictionary › ..

AllegroTrans
United Kingdom
Meets criteria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 1664

Peer comments on this reference comment (and responses from the reference poster)
neutral  Toni Castano: You, and the others, are parsing it wrongly. The term is "concurrente en este mismo acto", like, in a different context, parties taking part in a legal case/legal proceedings or the like. I hope you will understand better now…
7 hrs
  -> This doesn't alter the fact that this is about two separate (but concurrent) loans made by two separate (concurrent) lenders
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