I've seen the two talked about separately on this site.. Can somebody explain to me the difference? In my group, while we do structure asset-based facilities (revolvers, term loans) to MM companies on a club (us and one other/a few banks involved) and syndicated basis, we also have loans where we are the sole lender to the company (is this not considered 'direct' lending?).
From what I've read so far, it seems that the 'senior secured' / top of the capital structure aspect is shared between direct lending & comm. banking as well, in the sense that direct lenders structure/offer senior secured debt, 1st/2nd lien debt, unitranches, etc. If I'm off-base, someone please inform me.
Basically, looking to learn similarities/differences.