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Practice/Industry Group Overview
As a leading participant in the financing of financial assets, Cadwalader has been instrumental in bringing the discipline of bank lending documentation to the arena of "warehouse lending" and "repo" transactions. Cadwalader offers lenders and borrowers a wide array of services in connection with warehouse financing of receivables, subordinate securities and whole-loan asset sales. Cadwalader also has been involved in the expansion of warehouse lending to non-traditional assets that have required expertise in arcane areas of secured lending.
Cadwalader's attorneys have substantial experience in structuring and negotiating warehouse lines and repurchase agreements involving diverse mortgage assets, loans, receivables, securities, participation interests and servicing rights. We also have extensive experience in warehouse and gestation repos and financings and transactions dealing with Fannie Mae, Freddie Mac, Ginnie Mae and HUD. In addition, Cadwalader has worked on debtor-in-possession financings involving warehouse and repo facilities.
We have also assisted clients in the development of programs to enable borrowers to warehouse "residual interests" and subordinated certificates. Our asset-backed warehouse programs include off-balance sheet warehouse financings effected through commercial paper conduits sponsored by banks and other financial institutions; bankruptcy-remote structures to issue debt secured by a revolving pool of receivables with cash flows "swapped" to a fixed rate of interest; and bankruptcy-remote and fully guaranteed asset-backed repurchase warehouse program structures with lender equity warrants and securitization and whole loan "sponsorship" features.
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