All documentation proposals submitted by the LMA must be considered as the starting point for negotiations, and the more complex the transaction, the more necessary the adjustment. Despite this, the fact that all documents were drafted after extensive consultation with market practitioners resulted in the recommended documents being seen as a solid framework for subsequent individual negotiations. This is particularly the case with the cancelled document, in which, through an institutional committee of investors, a significant contribution was also required of non-bank investors within the affiliation. In 2012, a commercial real estate financing document for multi-property investments, a market development facility agreement and a pre-export financing agreement were introduced. In 2013, a single agreement was reached for financing the financing of real estate development and four other market development facility agreements. In 2014, the LMA continued to develop its documentation in these areas, with the publication of an agreement on real estate financing and facilities-to-use agreements in South Africa, Kenya, Tanzania, Uganda and Nigeria. As the lending product and the market evolve, the LMA will be required to monitor recent initiatives such as green and sustainable lending and financial technologies («FinTech»), in part because they are subject to enhanced scrutiny by regulators and market participants to ensure that syndicated lending , as a product, can adapt to the needs of an increasingly demanding market. Due to the growing importance of the European borrowed loan market in the early 2000s, the LMA also focused on the development of standardized third-party credit documents, with forms recommended in early 2004. When the 2007 financial crisis began to bite, work began on a recommended form of the Intercreditor Agreement, a document that generally deals with the structure of each transaction. The document, launched in 2009, has again faced market-wide recognition as a strong framework and following in-depth discussions by market practitioners. When the market developed after the crisis, the suite of LMA model documents also developed.
In 2013, an inter-secretary agreement and a revolving super-senior credit facility were created in conjunction with a high-yield loan. These were supplemented in 2014 by a second Super Senior intercreditor agreement, which will be used in addition to a SUPER SENIOR-RCF, a secret note and a high-yield bond structure. The intention to obtain the two standard documents of LMA forms is to reduce time and costs by providing a position reflecting current market practices for this type of transaction. Documents should only be a starting point and it is not possible to use the documents without modification or addition. In the mid-1990s, the secondary market in Europe itself grew for banks wishing to manage their credit portfolios more proactively, whether for reasons of individual exposure, return on equity or other means. Self-account trade has strengthened its growing relevance. Despite this, it was clear to practitioners that the market, as it was at the time, had no standard codes of practice and was inefficient and opaque.