Sidley’s Real Estate practice has been a very active participant in the market for master repurchase facilities (“repos”) for nearly 15 years. Our clients include both buyer (lender) side representation as well as seller (borrower) side work, such as financial institutions (including domestic and foreign banks), insurance companies and other corporations that originate or acquire real estate related assets.
The types of assets financed in these transactions run the gamut of real estate related assets, including, but not limited to:
- Residential whole loans
- Residential mortgage-backed securities
- Commercial mortgage whole loans, including “A/B” structures (and participations therein)
- Commercial mortgage-backed securities
- Mezzanine loans (and participations therein)
- Tax liens on residential real properties
We have worked closely with our buyer-side clients, successfully foreclosing out defaulted master repurchase facilities and working through repo workouts and underwater asset situations and fact patterns. Also, our lawyers are very familiar with the availability of the Bankruptcy Code “safe harbors” (i.e., for repurchase agreements and securities contracts) and work closely with clients to structure transactions that will satisfy the requirements and legislative intent thereof.