Earlier this year, the Loan Markets Association (LMA) launched its long-awaited agreement on a real estate financing facility (REF agreement) at the request of participants in the real estate finance market. Previously, the LMA`s investment grades and leverageable documents had been used as a basic document, with participants adding all the necessary real estate-specific provisions. Subsequently, however, documents were issued by suppliers with different real estate arrangements, which lengthened the time to negotiate. Change the LIBOR element of the libor definition so that the average of the interest rates at which the benchmark banks indicate can borrow funds from the interbank market at some time is the average. In the corresponding definition, investment degree agreements always refer to the interest rates that the reference banks „quote… „supply of deposits“ and not on their actual cost of funds. The [basic] rate of the reference bank in the LF agreement (which appears in the libor definition) is an average real credit rate. This corresponds to the calculation of the LIBOR screen rate. For many years, the application of facilities agreements on the basis of the LMA standard has been widespread in the Polish market. The LMA standard has been met for transactions documented by English and Polish law. In the case of large capital transactions in which the main consortium includes foreign lenders, including international financial institutions such as the EBRD and the EIB, the parties are more likely to resort to facilitation agreements under English law.

In the case of medium cap transactions and transactions involving only Polish banks, in particular to avoid additional legal costs, the facilities agreements, although based on the LMA standard, are often subject to Polish legislation. Banks and law firms have more or less developed their own models on the basis of the LMA form. When it comes to specific provisions of the LMA, which need to be amended to comply with the mandatory Polish legislation, various solutions are proposed. At first, borrowers and bankers struggled to understand the terms of standard AML forms.