Director, Head of Residential Whole Loan Investments

Obra Capital is a credit-focused investment manager with a growing platform across private credit, insurance lending, and structured products. We are building a dedicated residential whole loan investment capability and are seeking a Managing Director to lead this effort — from platform construction and acquisition strategy through trading, portfolio management, and capital markets execution across residential whole loan investments.

 

The ideal candidate has built or materially expanded a whole loan platform at a buy-side institution — a REIT, asset manager, insurance company, or specialty finance firm.

 

The Role

As Director, reporting to Obra’s Head of Multi-Sector Credit, this role will oversee Obra Capital's whole loan investment strategy. This role will lead the origination, acquisition, trading, and portfolio management of whole loan pools. A critical dimension of this role is partnering with Obra's insurance clients to understand their investment objectives, risk appetite, and regulatory constraints, and developing and implementing insurance-specific asset allocation strategies that match whole loan opportunities to client needs.

 

Responsibilities:

 

Platform Build & Strategy

• Define and execute the strategic roadmap for Obra's whole loan platform
• Establish and maintain sourcing relationships with originators, correspondent lenders, brokers, aggregators, and direct sellers across residential mortgage, consumer, ABF, and small-balance commercial segments
• Build the infrastructure required to support the platform: underwriting guidelines, credit policy, hedging policy, rate sheet/pricing framework, due diligence workflow, custodial and servicing arrangements, data and analytics, and operational processes

 

Insurance Portfolio Management & Asset Allocation

• Work directly with existing and prospective insurance company clients to understand investment objectives, risk appetite, liability profiles, and regulatory constraints
• Work within our existing Multi-Sector credit team by leveraging whole loan investments to effectively match opportunities to client objectives — including liability duration, convexity, credit risk tolerance, and FHLB requirements
• Identify investment opportunities tailored to each client's liability profile, capital structure, and risk tolerance; develop bespoke solutions that optimize risk-adjusted returns within insurance regulatory frameworks

 

Acquisition & Trading

• Lead whole loan acquisition activities across flow and bulk executions, including sourcing, structuring, bid management, and trade settlement
• Evaluate bid packages and pools across asset classes; conduct credit and collateral due diligence; structure purchases to optimize risk-adjusted returns
• Determine best-execution strategies — whole loan holds versus securitization alternatives — to optimize deployment efficiency and portfolio P&L
• Manage daily pricing, rate sheets, position risk, and inventory across the whole loan book, including margin targets and counterparty exposure
• Develop, implement and maintain whole loan hedging policy which is consistent with Obra’s whole loan investment strategy
• Oversee pipeline management and bid flow to ensure consistent, disciplined capital deployment in line with portfolio construction targets
• Partner with structuring, legal, and rating agencies to execute securitization transactions as the platform scales
• Optimize warehouse facility utilization and advance rates across the funding stack; manage lender relationships and facility renewals
• Engage institutional investors and broker-dealers to develop the investor base for Obra's whole loan and structured credit securities
• Evaluate and execute forward flow agreements, co-investment structures, and other capital-efficient sourcing and funding arrangements
• Oversee ongoing portfolio monitoring including prepayment, delinquency, default, and loss analytics across all asset classes; maintain a real-time view of portfolio credit quality and duration risk
• Develop and maintain portfolio-level stress testing, scenario analysis, and loss projection models
• Manage servicer relationships and oversee servicing performance, loss mitigation, and REO or charge-off disposition
• Present portfolio performance and risk metrics to senior leadership and investors on a regular cadence
• Identify, develop, and cultivate relationships with insurance company clients and prospects; provide market insights and excellent client service across the whole loan and ABF investment universe
• Develop and maintain strong relationships with whole loan investors, broker-dealers, aggregation desks, warehouse lenders, and securitization counterparties
• Represent the firm in all buy-side and sell-side trading interactions, negotiations, and market discussions across asset classes
• Support fundraising and investor relations efforts as a subject matter expert for whole loan and insurance asset management strategies
• Serve as the firm's whole loan thought leader — represent Obra externally at industry conferences, with counterparties, and in investor meetings
• Partner with the broader investment team on cross-platform opportunities at the intersection of whole loan, insurance, private credit, and structured products

 

Requirements

• 8+ years of experience in investment management, with meaningful tenure in whole loan investing at a REIT, asset manager, insurance company, or specialty finance firm
• Demonstrated experience building or significantly expanding a whole loan investment platform
• Deep knowledge of residential whole loans; specifically Non-QM.
• Strong understanding of insurance company investment needs, risk appetite, and regulatory requirements across various regimes
• Advanced expertise in secondary market whole loan trading economics, including best-execution analysis, bid-ask dynamics, and seller counterparty management
• Hands-on securitization experience — either as a principal structuring transactions or as a senior participant overseeing the process end to end
• Strong relationships with originators, servicers, aggregators, warehouse lenders, and capital markets counterparties across relevant asset classes
• Demonstrated ability to hire, develop, and retain high-performing investment and operations professionals
• Strong written and verbal communication skills with internal and external stakeholders; ability to develop and manage relationships with prospective and existing clients
• Proficiency in Excel and financial modeling; working knowledge of Python, VBA, or SQL preferred
• CFA, MBA, or equivalent; strong quantitative and credit analytical foundation

 

Preferred

• Familiarity with regulatory frameworks relevant to consumer lending, mortgage origination across multiple insurance regimes
• Exposure to both performing and non-performing or special servicing loan portfolios across multiple asset classes
• Prior involvement in investor relations or capital raising for a whole loan or structured credit strategy
• Entrepreneurial track record — demonstrated ability to build systems, teams, and processes in an environment that did not previously have them
• Exposure to adjacent asset classes: Residential Transition Loans (Fix and Flip) and Second Liens

 

 About Obra Capital

Obra Capital is a credit-focused investment manager committed to delivering superior risk-adjusted returns across market cycles. Our team combines deep credit expertise with a disciplined investment process and a culture that rewards ownership, intellectual honesty, and results. We are building a platform where exceptional people have the resources, autonomy, and support to do the best work of their careers.