The TreppWire Podcast: A Commercial Real Estate Show 333. Trading Through Cycles: Whole Loan Market Insights with John Toohig, Raymond James
Jun 10, 2025
John Toohig, Managing Director at Raymond James and a veteran in whole loan trading, shares his wealth of knowledge shaped by experiences through major financial upheavals. He discusses the current landscape of secondary loan markets and the regulatory shifts impacting bank lending. The conversation delves into challenges in residential mortgages, new opportunities in commercial real estate, and the dynamics of return-to-office trends. Toohig also offers his outlook for the market through 2025, emphasizing resilience and strategic adaptation.
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John Toohig's Career Journey
- John Toohig's career started amid the dot-com bust with mentorship in stockbroking and structured products.
- He gained broad experience across autos, mortgages, commercial real estate, and fintech loans.
Impact of 2008 on Credit Perspective
- The 2008 financial crisis deeply shaped John's understanding of credit and underwriting risks.
- He learned to spot trends in property values and credit strength to navigate loan trading.
Biases from Past Market Cycles
- Past market events create biases that impact lending decisions today, such as hesitancy in HELOC and office lending.
- Despite risks, sectors like office show green shoots of recovery and opportunity.