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An individual or company, also referred to as an operator or syndicator, that is in charge of finding, acquiring and managing the real estate for the investors they organize to make a purchase. They have a history of real estate experience and the ability to underwrite and do due diligence on the real estate. They also handle the bank financing at the time of purchase and determine when it is to be sold. Sponsors will usually themselves make some investment in the property in addition to the other investors, but will also make some money from a "promote" interest in a portion of any improved cash flow.