No, you've not missed anything.
The player wanted to play more games, so he asked Fabio to send him out on loan. But because Fabio has no brains, he didn't think that it'd be best to send little Bryan on loan to another PL club. If he had, maybe he could've rung round to see if a So'ton, Palace, Norwich, Burnley or Brentford were keen on welcoming him and giving him a few games.
Something tells me there'd have been interest. And all would've been great for all involved.
But no, Fabio rang Valencia or Valencia rang Fabio (more likely) and he said yes sure. Will do nothing to help little Bryan become big Bryan ready for the English game, but oh well