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track record

loan-to-value (up to 65% ? 75%? 90% ? 100% 150% ?)

mortgage position (i.e. first, second) construction loans or on existing assets

fees for syndicator and firms that sell the syndication

asset types (single family, commercial, retail, ..)

liquidity i.e. how to get out timelines of underlying mortgages

# of mortgages being syndicated

asset location(s) i.e. big city, small town, foreign country

Like stocks or real estate they are neither good nor bad, but highly dependent on management skills and the issues mentioned above.