Director of Asset Management
Backflip
Operations
Remote
Posted on Wednesday, August 14, 2024
Backflip is a venture-backed FinTech company that empowers anyone to improve their life and their neighborhood through real estate investing. To do that, we need people who are inspired to reimagine and rebuild an outdated and unbalanced system; to support and celebrate America’s local entrepreneurs. Check out the Backflip app here to experience first hand how we're making a difference through our technology.
Backflip is seeking a Director of Asset Management. The candidate will be responsible for portfolio- and property-level asset management strategy and execution, with a particular focus on loss mitigation and outcome optimization. Success in this role requires expedient ownership of business outcomes and the ability to build and manage a team. This position works directly with the VP of Capital Markets and the Chief Operating Officer.
This is a rare opportunity to get in on the ground floor (~75-person team) working directly with executives in a fast-paced and well-capitalized startup (Series A).
What You'll Do:
- Develop and implement holistic asset management and loss mitigation strategies to support Backflip's business objectives
- Leverage data to track performance, identify trends, and constantly uplevel asset management policies and tactics
- Work with Backflip’s Data Analytics team to review loan portfolio trends; identify at-risk assets for proactive mitigation
- Work with the Credit and Underwriting teams to develop value creation and risk-mitigation opportunities
- Work with the Post-Closing Experience team to maintain open communication channels with distressed borrowers; strive to find mutually beneficial resolutions to dynamic and challenging scenarios
- Design and execute workouts; negotiate loan modifications, short sales, deed-in-lieu of foreclosure, and other strategies to maximize recoveries while maintaining a high level of borrower empathy
- Manage all aspects of distressed asset dispositions, including note sales and foreclosures
- Source and establish mutually beneficial relationships with transactional counterparties for distressed assets
- Design, build, manage and scale a high-performing asset management team
- Work with the Legal and Compliance teams to ensure adherence with applicable regulations
- Partner with Sales, Loan Operations and Capital Markets teams to effectuate institutional-grade risk management while maintaining a best-in-class borrower experience
This role will evolve as the company grows; there will be various tasks that fall outside of the responsibilities above
Qualifications
- Bachelor's degree in business, finance, real estate, or a related field
- 6 - 10+ years of experience in real estate investing, asset management, loan servicing, loss mitigation, or a related field
- Deep understanding of real estate finance, loan structuring, real estate transactions
- Knowledge of the market landscape for either: i) residential investment loans, or; ii) PropTech / FinTech ecosystem
- Exceptional communication, negotiation, and operational execution skills
- Understanding of mortgages, loan structuring, underwriting principles, and legal documentation
- Excellent analytical skills to assess loan risk and develop creative solutions for distressed assets
- Strong analytical and problem-solving abilities, with a focus on data-informed decision-making
- Experience building and managing high-performing teams; proven track record of success in a leadership role
- Proficiency in financial modeling (Excel or Google Sheets)
People That Thrive at Backflip Have…
- A desire to learn and grow with the company; propensity to “think like an owner”
- An execution-oriented “one-team” mindset with motivation and scrappiness to achieve objectives
- The ability to multi-task with exceptional time management, prioritization and attention to detail
- An entrepreneurial mindset and a passion for technology and innovation
- A bias for action; inclined to deploy rapid testing and iteration cycles
- The ability to work effectively in a small, relatively unstructured office environment (we work remotely)
- Excellent verbal and written communication skills with appropriate urgency to various audiences
- Strong self-motivation, are coachable and highly collaborative; take ownership of tasks and pride in work product
- High integrity; are dependable, accountable, humble and respectful
- Raise the standard of what is possible
- Embrace being the novice to become the master
- Work only with those who want the best for us
- Communicate quickly, naturally and with radical candor
- Test new things to invent and challenge the status quo
- Today, nay now!
This candidate will champion Backflip’s culture & core values:
All Backflip positions are Remote. Like the people we serve, we believe being free to create wherever you’re most inspired is one of life’s greatest joys. It’s better for individuals, for community, and for fostering great work to emerge. With our work-from-anywhere approach, Backflip brings together a diverse team of individuals, with passions for innovation, art, coding, AI, data, finance, film, real estate, the environment, learning and teaching. Together, we're moving fast.
Backflip is an equal opportunity employer. We know that building a world-class organization is not possible without an intentional focus on recruiting, empowering, promoting and rewarding the best and brightest people of all backgrounds. Backflip focuses on hiring individuals that align with its Core Values (listed above), and consistently display a high ethical standard, both personally and professionally.