Cadwalader offers broad expertise in sophisticated commercial and residential secondary mortgage market transactions. Our clients buy, sell and swap whole loans and participations representing commercial and residential mortgage loan portfolios, including:
- Residential first and second mortgage loans (including FHA, VA, FmHA conventional, and subprime mortgages and manufactured housing)
- Performing and nonperforming residential, commercial and multifamily mortgage loans
- Franchise loans in whole loan, participation, private placement and swap transactions
- Various forms of revolving credit and repo facilities secured by all types of residential mortgage loans and commercial mortgage loans, mezzanine loans and participations
We also structure residential, multi-family and commercial mortgage loan conduits; revolving credit/commercial paper facilities secured by commercial real estate; purchases and retrades of residential and commercial mortgages from the FDIC; servicing and/or pooling of mortgage loans for sale to various government or quasi-government agencies or as part of private or public pass-through transactions; and warehouse and gestation repos and financings and transactions with FMNA, Freddie Mac, GNMA and HUD. Cadwalader has a well-earned reputation for innovation in this area, having participated in the first FNMA multi-family swap.
A major adjunct to Cadwalader's residential securitization practice is our active involvement in whole loan purchase and sale transactions covering both residential and commercial mortgage loans. In addition, we have extensive experience in warehouse and gestation repos and financings and transactions dealing with mortgage and other assets prior to securitization. In this regard, we have assisted clients with interim non-recourse financings secured by mortgage loans to provide the time needed to restructure such loans for better resale execution. In addition, we have formed many joint ventures between major financial institutions for the purpose of acquiring and financing pools of mortgage loans and other assets. The strength of this practice is a strong complement to the securitization practice, particularly at times when it becomes necessary to assist clients in financing portfolios for a period necessary to enable the client to develop the critical mass to efficiently effect a securitization of the assets.
Our team has recently closed residential mortgage repos of non-performing loan portfolios, reverse mortgages and HELOCs, as well as commercial real estate repurchase facilities backed by senior mortgage loans, mezzanine loans and senior and pari passu participations.