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MCA Syndication: Co-Funding Pace Tracking 2x 2024

Syndicated participation share of MCA originations crossed 38% in Q1 — driven by emerging-funder capital constraints and yield-hungry secondary buyers.

By Summit Underwriting DeskNew York · London

MCA syndication is structurally larger in 2026. We're seeing 38% of A-paper origination volume participated to syndicate partners vs 19% in 2024. The driver is two-sided: emerging funders without balance-sheet capacity to hold positions, and a wider pool of yield-seeking secondary buyers.

The market is professionalizing. Standardized participation agreements, third-party servicing, and centralized reporting have emerged in the last 18 months — making it materially easier for non-originator capital to participate.

Pricing impact

Syndication is compressing originator margins by 50–150 bps but enabling significantly larger deal sizes. Average ticket on syndicated A-paper has grown to $290K vs $185K for held positions.

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