Our structured finance and securitization practice provides clients with a full range of services in the structured finance and asset securitization area. We have represented issuers, underwriters, special purpose entities, and servicers in all phases of public and private issuances of asset-backed and mortgage-backed securities. We have also represented borrowers and lenders in transactions where assets are segregated from the risk of a bankruptcy of the operating company that uses the assets. The number of such transactions have grown tremendously in recent years as the structured finance and securitization industry has evolved into a substantial source of financing for many companies. 

Our services in this area include:

• Planning the structure of the transaction
• Analyzing the legal quality of financial assets proposed to be segregated or securitized
• Drafting and negotiating the various transactional documents
• Organizing the special purpose entities
• Dealing with rating agencies, underwriters, credit enhancers, and back-up servicers
• Issuing the necessary legal opinions on the true sale nature of the transaction, bankruptcy non-consolidation, tax treatment, SEC matters, FDIC matters, and enforceability of the documents
• Selling subordinated interests ("B Notes") to investors
• Transferring and financing residual interests
• Licensing servicers
• Negotiating and documenting intercreditor arrangements among structured finance lenders or securitization parties and other sources of financing

Recent experience includes representation of a retailer in the securitization of credit card receivables, a manufacturer in the securitization of revolving accounts receivable, auto finance companies in the securitization of retail installment sales contracts, a manufactured home finance company in the securitization of manufactured home loans, a conduit sponsor and underwriter in the securitization of accounts receivable, and a substantial investor in the securitization of inventory and accounts.

Dykema is especially well-positioned to provide cost-effective services to originators of financial assets and substantial receivables who wish to obtain the lower financing costs associated with securitizations either in lieu of, or in addition to, existing means of financing.

For more information about our Structured Finance and Securitizations practice, please contact:
Darrell W. Pierce, 734-214-7634