Commercial real estate lenders are quietly acknowledging regulators' fear of concentration risk by swapping out new loan pools with assets they didn’t underwrite themselves – and more often than not, they're paying a premium to do it.

Some buyers are so desperate to diversify their portfolios that they are barely making any money on the deals, according to Ricardo Diaz, head of fixed income at FIG Partners, an Atlanta firm that launched a whole-loan-trading desk in November.

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