How does a typical private credit deal work from start to finish and how does it differ from a traditional bank loan?

Hi everyone, I’m trying to get a better understanding of private credit deals versus regular bank loans. If you’ve worked in private credit or syndicated lending, I’d love your insights on:

• Where do private credit firms find opportunities? (e.g. directly from sponsors, secondary NPL portfolios, club deals)

• How do you evaluate a borrower differently than a bank?

• What types of covenants, collateral packages, or bespoke terms are typical?

• How is the margin set (e.g. LIBOR/EURIBOR + X bps)?

• What upfront fees, management fees, or exit fees apply?

• How long does the process take compared to a bank loan?

• How do funds realize returns (amortization, refinancing, asset sales)?

• What measures protect against credit losses (reserves, intercreditor structures)?

Thanks in advance!