Cory E. Barry

Cory’s transaction experience includes advising on forward flow purchase facilities, structured warehouse transactions, repurchase arrangements, and public and private term ABS capital markets transactions. He has experience with a broad range of asset classes and other collateral, including unsecured and secured consumer loans, credit card receivables, home equity investment (HEI) real estate assets, dealer floorplan loans, wireless equipment installment plan (EIP) contracts, wireless airtime service receivables, equipment loan and lease receivables, insurance premium finance receivables, consumer healthcare receivables, solar energy system loans, automobile loans and leases, point-of-sale loan receivables, and commercial telecommunications equipment receivables. Cory has been involved in the structuring and negotiation of novel private financing transactions, including acquisition financing of various types of loans and other assets, and he has experience with master trust structures that have been used for traditional and esoteric receivables financing arrangements.

Cory serves as a co-leader of the firm’s global fintech industry group and a co-leader of the client alliance program (CAP) team of one of the firm’s major banking clients. Cory is also a member of the Washington, DC office recruiting committee.

Mobile Phone Device Payment Plan and Airtime Service Receivables Matters

• Represented the administrative agent and several bank purchasers in the structuring and establishment of a revolving receivables purchase facility for the sale of mobile device equipment installment plan (EIP) receivables for a large US wireless carrier
• Represented the administrative agent and several bank purchasers in connection with a receivables purchase facility for the sale of wireless “airtime service” receivables for a large US wireless carrier
• Counsel to the administrative agent and note purchasers in connection with the structuring and establishment of a variable funding master trust financing of mobile phone device payment plan receivables for a large US wireless carrier
• Represented the lead underwriter and structuring agent in the establishment of a new Rule 144A term ABS securitization program for the sale of mobile phone equipment installment plan receivables for a large US wireless carrier

Credit Card Receivables Matters

• Designated underwriters’ counsel in connection with the publicly registered ABS master trust securitization program sponsored by a major private label credit card lender
• Designated bank/lender’s counsel for the variable funding note (VFN) facilities relating to three separate credit card master trust securitization vehicles sponsored by a leading private label credit card lender
• Counsel to the bank/ABCP lender in the establishment of a new master trust and issuance of a variable funding note series to finance the acquisition of a credit card business by a major credit card lender
• Counsel to the bank/ABCP lender in the establishment of a new revolving credit card master trust and issuance of a variable funding note series for a major fintech platform’s credit card ABS program
• Designated underwriters’ counsel for a master trust issuance platform, and counsel to the note purchasers in connection with a series of privately placed delayed draw notes issued by the master trust
• Represented a major US bank in the issuance of ABS notes through its publicly registered credit card master trust securitization platform

Home Equity Investment (HEI) Matters

• Represented Point Digital Finance, Inc. and Redwood Subsidiary Holdings LLC, a subsidiary of Redwood Trust Inc., as co-sponsors in the issuance of approximately $146 million of notes issued by Point Securitization Trust 2021-1; the transaction was the first-ever securitization backed entirely by residential home equity investment (HEI) real estate interests
• Represented a leading fintech platform in the establishment of the first-ever titling trust for the origination and transfer of home equity investments (HEIs)
• Represented Point Digital Finance, Inc. and Redwood Subsidiary Holdings LLC, a subsidiary of Redwood Trust Inc., as co-sponsors in the issuance of approximately $139 million of DBRS-rated notes issued by Point Securitization Trust 2023-1 and backed by Point’s Home Equity Investment (HEI) assets, representing the first rated securitization of HEIs sponsored by Point and Redwood.
• Represented a fintech platform in its first HEI forward flow purchase facility with an institutional investor
• Represented a fintech platform in its first capital markets financing transaction involving a master repurchase agreement for the sale of a note backed by HEI collateral held by the issuing trust

Consumer Receivables Matters

• Represented a major fintech platform in the establishment of its securitization and capital markets funding program, including the inaugural setup and issuance of term ABS notes and subsequent issuance of approximately 20 broadly distributed Rule 144A term ABS note issuances, establishment of two structured warehouse facilities, and over 40 pass-through certificate issuances
• Counsel to an investment bank and its related asset-backed commercial paper programs as administrative agent and lender to several fintech platforms, involving the establishment of multiple bilateral and syndicated bankruptcy-remote structured warehouse facilities for the financing of secured and unsecured consumer loan receivables
• Represented the administrative agent and lender in the structuring and establishment of a new warehouse facility for the financing of secured consumer loans and vehicle-equity loans
• Represented a leading bank originator in the establishment of a new securitization financing platform for the creation of series trusts and issuance of asset-backed certificates backed by unsecured consumer loans originated on behalf of a partner fintech platform
• Represented the note purchasers in a private placement of ABS notes backed by point-of-sale home improvement loans

Other ABS Matters

• Designated counsel to the underwriters/initial purchasers for a diversified dealer floorplan master trust ABS securitization program sponsored by a major operator of auto auctions and its affiliated lending platform
• Represented the administrative agent and lender in the structuring and establishment of a revolving warehouse facility for the financing of residential solar energy system loans originated by a newly established captive financing division of a major international manufacturer of solar panels
• Represented the administrative agent and lender group in connection with the establishment of a revolving securitization financing facility for small and mid-ticket commercial equipment loan and lease receivables
• Designated underwriters’/initial purchasers’ counsel for the term ABS securitization program relating to an equipment finance company’s loan and lease receivables
• Counsel to the administrative agent and lender in connection with the establishment of an off-balance sheet purchase arrangement for insurance premium finance receivables