Cadwalader Wickersham & Taft has lured an experienced capital markets lawyer to its office in New York’s financial district.
Chris Gavin, who previously practiced law at Perkins Coie and at Mayer Brown, joins Cadwalader as a partner. Gavin advises clients on transactions involving numerous asset classes such as residential mortgage-backed securities, auto loans and leases, franchise loans, unsecured consumer loans, corporate loans, and repo obligations.
“I have spent a lot of my time, of late, in the residential mortgage space – not so much securitization, but repos, home loan sales, those sort of transactions, and I think that will continue,” Gavin said. “I’ve been involved in some esoteric residential-related assets like residential fix and flip loans and short term loans secured by single family rental units. I’m getting a little bit more involved in marketplace lending, which is the focus of a number of us here. Obviously there are challenges, but that seems to be a direction the market is heading.”
Gavin sees a perception in the market that the millennial generation may not strive to become home owners, for the purpose of living in the homes, as much as prior generations have done.
“There’s a view that buying properties, fixing them up, and renting them may make more sense than historically people thought it did,” Gavin noted.
Gavin sees another factor leading to a steady flow of deals for lawyers in his space.
“There is an opportunity to figure out ways to provide committed financing in a manner that is friendlier for both the banks and the borrowers with respect to warehouse financing. The rules present a challenge for both the banks and their clients. Developing an innovative solution to this problem, could be a real growth area,” Gavin commented.
In moving to Cadwalader, Gavin rejoins the company of five partners he worked with at Mayer Brown: New York-based Bruce Bloomingdale, London-based Stephen Day and Jeremiah Wagner, and Charlotte-based Wesley Misson and Michael Mascia.