Best Structured Finance Lawyers in Long Island City

1. About Structured Finance Law in Long Island City, United States

Structured finance law governs the creation, issuance and management of asset backed securities and similar financing arrangements. In Long Island City, a hub for financial services in Queens, seasoned counsel coordinate the legal framework for pooling loans or assets into special purpose vehicles or trusts. These deals typically involve trustees, servicers, rating agencies and investors, all requiring careful contract drafting and compliance oversight.

Practicing in this field in LIC means navigating both federal securities laws and New York state law. Attorneys help with deal structuring, due diligence, document drafting, and closing mechanics. Closings may occur in Manhattan or LIC offices, with cross jurisdictional considerations for lenders, borrowers and investors across the New York metropolitan area.

Structured finance transactions rely on a complex stack of documents, including pooling and servicing agreements, trust indentures, and true sale opinions. Counsel ensure that the legal structure preserves asset segregation, maintains enforceable security interests, and aligns with investor disclosures and rating criteria. Regulatory updates can affect disclosures, governance, and risk retention requirements.

"Asset backed securities and structured finance rely on precise governance, disclosures and legal opinions to ensure investor confidence."

Source: SEC overview of securitization and Regulation AB guidelines.

2. Why You May Need a Lawyer

• Issuing asset backed securities in New York - You plan a securitization of a portfolio of commercial loans and need a lawyer to draft the pooling and servicing agreement, intercreditor agreements, and the SPV formation documents in LIC or NYC.
• Acting as a trustee or collateral agent - You will receive duties to safeguard asset collections, review servicing reports and enforce remedies for delinquent assets under the relevant trust documents.
• Buying or selling securitized assets - You require due diligence on offering documents, disclosures, and rating agency criteria before investing in ABS or MBS offerings.
• Financing facilities and warehouse lines - You need counsel on security interests, perfection, cross collateralization, and intercreditor arrangements for a warehouse facility tied to structured finance.
• Regulatory compliance and disclosures - You must comply with federal securities laws and Dodd-Frank related requirements, including ongoing reporting and risk retention considerations.
• Default, workout or restructuring - You face enforcement actions or workouts under securitization documents and need strategic guidance on remedies and enforcement timelines.

3. Local Laws Overview

The following frameworks govern structured finance activities in Long Island City and New York more broadly. They intersect with federal rules and local enforcement in the NYC metropolitan area.

• Securities Act of 1933 - Governs initial securities offerings and prospectus disclosures for asset backed securities. This act forms the baseline for investor protections in public offerings.
• Dodd-Frank Wall Street Reform and Consumer Protection Act - Implemented extensive post crisis reforms for securitization markets, including enhanced disclosures, risk retention, and governance rules. Enacted in 2010 and phased in over subsequent years.
• New York Uniform Commercial Code Article 9 - Governs secured transactions in New York, including perfecting and enforcing security interests in assets used in securitization structures. State law variations are maintained in the New York Consolidated Laws and are subject to periodic amendments.

Notes on dates and updates: The Securities Act of 1933 became law on May 27, 1933. Dodd-Frank was enacted in 2010 with phased implementations through 2011 and beyond. New York UCC Article 9 is maintained by the New York State Legislature with regular amendments; current text should be consulted for the latest changes.

4. Frequently Asked Questions

What is structured finance in simple terms?

Structured finance uses SPVs to pool assets and issue securities backed by those assets. It separates the asset ownership from the originator and distributes risk among investors.

How do I start a securitization in New York?

Begin with a term sheet, identify assets to pool, form an SPV, draft a pooling and servicing agreement, and engage rating agencies before issuing securities.

When does Regulation AB apply to my deal?

Regulation AB applies to asset backed securities offerings and governs disclosures, governance and the structure of securitization deals. Confirm applicability with your counsel for your deal type and issuer status.

Where are securitization documents typically filed or recorded?

Key documents are executed and stored by the issuer and trustee, with copies provided to rating agencies and, where applicable, filed in securities databases and with governing bodies as required.

Why should I hire a structured finance attorney in LIC?

Local attorneys understand New York and federal rules, court procedures, and market practices in the NYC area, which helps speed closings and reduces litigation risk.

Can I securitize mortgage loans in the New York metropolitan area?

Yes, you can structure a mortgage backed securitization in New York, subject to federal securities laws and state level requirements for lenders and trustees.

Should I engage a trustee or collateral agent?

Yes, trustees administer the securitization trust and report to investors, while collateral agents manage asset security interests; both roles require careful governance documents.

Do I need to hire local counsel in New York?

In many cases yes, to address state law nuances, enforceability of security interests, and local regulatory considerations.

How much does a structured finance attorney cost in LIC?

Costs vary by deal complexity and timing, but expect hourly rates in the range of industry norms for NYC firms, plus possible fixed fees for document drafting.

How long does a securitization closing take in New York?

A typical closing may take 4 to 12 weeks from term sheet to closing, depending on diligence, document complexity and investor approvals.

What is a pooling and servicing agreement?

It is the primary contract governing asset pooling, the rights and duties of servicers, trustees, and other parties, and the distribution of cash flows to investors.

Is there a difference between ABS and MBS?

ABS refers to asset backed securities backed by non mortgage assets; MBS are backed by mortgage loans. Both are securitized but have different asset pools and risk profiles.

Do I qualify to issue asset backed securities?

Qualification depends on asset stability, legal structure, compliance readiness, and investor demand. An experienced attorney can assess readiness and gaps.

5. Additional Resources

• U.S. Securities and Exchange Commission (SEC) - Official federal regulator for securities markets, including securitization rules and Regulation AB. Website: sec.gov
• New York State Department of Financial Services (DFS) - State agency regulating banks, insurance, and financial services in New York; may impact licensing and regulatory compliance for structured finance activities. Website: dfs.ny.gov
• Consumer Financial Protection Bureau (CFPB) - Federal consumer protection regulator overseeing certain securitization disclosures and consumer related aspects of lending. Website: consumerfinance.gov

6. Next Steps

1. Define your objective - Clarify whether you are issuing, investing, or managing a securitized structure; write a one page summary of asset type, jurisdiction, and timing. (Week 1)
2. Identify potential counsel - Find Long Island City or New York City law firms with structured finance practice and track record in securitizations. Request a written scope and fee proposal. (Weeks 1-2)
3. Prepare document package - Assemble asset lists, loan files, existing MSAs, and any prior deal documents for review by counsel. (Week 2)
4. Initial consultation - Meet with the attorney to discuss structure, regulatory considerations, and closing timeline. Bring questions about governance and disclosures. (Week 2)
5. Draft term sheet and structure - Develop the proposed SPV, pooling structure, and key terms with independent counsel and, if needed, rating agencies. (Weeks 3-5)
6. Finalize legal documents - Prepare pooling and servicing agreements, trust agreements, and related documents; obtain necessary opinions. (Weeks 4-8)
7. Confirm regulatory readiness - Verify compliance with federal securities laws, Regulation AB, and New York state requirements; file disclosures as needed. (Weeks 6-9)