• Laurence Pettit advises underwriters, lenders and institutional investors on capital markets and warehouse loan transactions in a wide range of esoteric asset classes. In recent years, he has been actively involved in residential and commercial Property Assessed Clean Energy (PACE) assessments, home improvement loans, consumer litigation funding, retail installment sales contracts, contractor loans, equipment finance agreements, insurance commissions, trade receivables, collateralized fund obligations, commercial/industrial solar power purchase contracts, rooftop solar loans, and tobacco settlement legal fee awards. As issuer’s counsel, Laurence helped develop the first securitizations of residential PACE assessments in 2014, and he has facilitated more than 50 PACE 144a and 4(a)(2) securitizations since that time. He is actively involved in the expanding market for both residential and commercial PACE financings, advising on the establishment of new PACE programs and on specific transactions to fund the origination of PACE assets.

    Chambers USA and Legal 500 have repeatedly recognized Laurence for his work in structured finance. Chambers USA notes Laurence’s work in “an array of traditional and esoteric assets” and that “he is highly regarded for his notable strength in PACE transactions,” as well as his experience in the areas of collateralized fund obligations. Legal 500 described him as being “involved at the vanguard of the burgeoning renewable energy securitization class and ha[ving] a particular [strength] in PACE financings.” According to Chambers sources, Laurence is a “great attorney” who “provides excellent client service and … is very commercially oriented,” “extremely competent, reliable and a pleasure to work with. He handles complex situations very well.” He is also “business-oriented, creative and highly responsive,” “so thoughtful and so efficient in terms of communicating his thoughts,” and “a good counsel and ally when you are flying into the unknown on deal structure.” Clients appreciate his knowledge and approach, lauding his “excellent subject matter [knowledge],” and say he’s “easy to work with, prompt, efficient and helpful.”

    Experience

    • Advised HERO Funding LLC and its parent Renovate America Inc. in connection with a series of ABS issuances under their HERO securitization program backed by residential PACE assessments in California and Missouri.

    • Advised Natixis Securities Americas as initial purchaser in a series of 144A offerings of asset-backed securities issued by affiliates of Renew Financial Group of Oakland, CA, backed by a portfolio of residential PACE assessments on property in California and Florida.

    • Represented Renovate America Inc. in connection with the implementation of several warehouse loan facilities secured by residential PACE assets.

    • Represented an investment bank as initial purchaser and sole arranger in two separate 144A offerings of “collateralized fund obligations” in which an institutional investor securitized its portfolio of private equity investments.

    • Represented an institutional investor as the sole purchaser of two separate 144A issuances of ABS backed by legal fee awards arising from the settlement of litigation brought by state attorneys general against the major tobacco companies.

    • Advised an investment bank as initial purchaser and sole arranger in establishing new ABS programs for two specialty finance companies, one providing financing for purchases of household items at department stores and shopping malls, and the other providing financing for home improvement projects.

    • Represented a group of insurance company investors and their holding company in providing term ABS, warehouse ABS and mezzanine loan financing to an originator of PACE assets and its affiliates.

    • Represented the issuers, Hero Funding Trust 2014-1 and 2014-2, and the transaction sponsors, affiliates of 400 Capital Management LLC, in the issuance of $104 million and $129 million of asset-backed notes backed by a pool of limited obligation improvement bonds issued in connection with a residential PACE program. 

    • Represented a life science and healthcare specialty finance company in connection with a $204 million securitization of senior secured loans made to venture capital-backed companies.

    • Advised a residential mortgage servicing company in connection with a series of term notes and variable funding notes issued under its servicing advance securitization program in a principal amount of more than $5.0 billion. 

    • Advised Türkiye Vakiflar Bankasi T.A.O., a leading Turkish bank, and its affiliate VB DPR Finance Co., a Cayman exempted company, in the issuance of $930 million in asset-backed notes under its DPR future-flow securitization program.

    Credentials

    Education

    • J.D., Columbia Law School, 1988
      • Harlan Fiske Stone Scholar
      • Articles Editor, Journal of Chinese Law
    • B.A., Columbia University, 1984

    Bar Admissions

    • New York, 1990

    Languages

    • French
  • *No aspect of this advertisement has been approved by the Supreme Court of New Jersey. A description of the Super Lawyers selection methodology can be found here.