Securitized Loan Servicing
Alston & Bird lawyers have played a significant role in creating, documenting and developing the CMBS process since the emergence of commercial mortgage securitization in the early 1990s, and have been involved as counsel in every phase of the creation and management of commercial mortgage securitized lending and servicing programs. Our long-standing involvement in all aspects of the CMBS and CRE-CDO industries allows us to bring extensive expertise and experience and a truly unique perspective to our loan servicing practice. We currently have a core group of over 25 attorneys who represent a variety of servicers in all aspects of servicing CMBS and CRE-CDO. We are unique in that we are actively involved in all aspects of servicing loan portfolios and represent a variety of servicers.
EXPERIENCE
Our practice covers new CMBS originations, loan assumptions and transfers, consents, REMIC advice, defeasances, and default scenario advice. In addition to our core servicing experience, many of our team members have also originated secured real estate loans that are ultimately designated for securitization. We believe that the well-balanced background of our attorneys is instrumental to our delivery of efficient, pragmatic advice. When necessary, we are also able to draw upon the assistance of our tax attorneys on REMIC and other tax issues and our environmental attorneys for experienced advice.
The best measure of our experience in the loan servicing area is the continued growth of our servicing practice. In 2006 alone, our servicing practice included 11 new deal securitizations and the negotiation of dozens of interim and sub-servicing agreements, several successful CRE-CDO closings and ramps, over 150 assumptions and transfers, over 175 borrower consent requests, providing hundreds of REMIC opinions, obtaining a successful Private Letter Ruling in the REMIC area, nearly 400 defeasances, over 250 successor borrower engagements, nearly 100 loan assignments and satisfactions, 11 workouts/foreclosures and numerous informal engagements to provide REMIC, default prevention, enforcement and general servicing advice
RELATIONSHIPS
Through our experience, we have developed deep relationships with many different servicers in the CMBS and ABS industries and have represented many of them. In addition, we have developed a working relationship with the three major rating agencies involved in rating CMBS loan portfolios and their attorneys. We also have close relationships with companies specializing in defeasance transactions and with qualified intermediaries that facilitate 1031 tax-free exchanges.
OUR GOAL
We are actively involved in developing new programs with our clients and in helping them to refine, streamline and improve their existing loan servicing programs, procedures and documentation. We meet with our clients regularly and we strive to understand their businesses and needs and to help them better serve their various customers. We also regularly solicit feedback from our clients and constantly work with them to improve the level of service that both we and they provide. In short, our goal is to foster true partnerships with our loan servicing clients.