Spotlight on Brendan Bosman, Managing Director, Pretium
Global Thought Leader Spotlight
Brendan Bosman, Managing Director, Pretium
As a Managing Director at Pretium, Brendan oversees the firm's investment activities in homebuilder finance.
His background has focused on financing homebuilders and residential developers. At Pretium, his role is to help lead the firm’s effort to originate, underwrite and manage debt investments across the real estate landscape, including horizontal construction, vertical construction and multi-family lending.
Brendan identifies markets with capital scarcity, underwrites risk at a granular level and leverages Pretium’s vertically integrated residential ecosystem to selectively source, diligence, service and manage assets at scale.
Asset-backed real estate private credit opportunities
The U.S. continues to have a persistent housing shortage, with a structural imbalance between housing supply and demand, supporting the need for new development and real estate credit.
At the same time, residential construction finance approximately represents a US$400B market, creating a substantial opportunity set for private lenders.
Bank retrenchment also contributes to today’s attractive entry point. Regional banks have pulled back from residential construction lending, leaving a capital gap for mid-sized homebuilders and sponsors. Many of these borrowers are experienced and well capitalised, with decreased access to financing, creating an opportunity for scaled real estate private credit platforms.
Additionally, dispersion across markets is increasing. While particular markets and price points are oversupplied, others remain undersupplied and fundamentally strong. A key differentiator is market selection at a granular level: by region, submarket and borrower / sponsor.
Lastly, builder balance sheets are healthier today and underwriting is more disciplined than the investment environment preceding the Global Financial Crisis.
When coupled with the structural housing shortage in the U.S., the market backdrop today is highly resilient.
Opportunities for sophisticated investors
For investors, real estate debt represents a specialised opportunity to access long-term housing tailwinds with stronger structural protection than equity.
In this environment, senior secured lending can offer an attractive way to participate in housing creation while maintaining discipline around collateral, leverage, covenants and repayment structure. Pretium’s strategy, for example, emphasises first-lien positions, defined underwriting parameters and active servicing and monitoring.
Additionally, investors seek managers with origination, underwriting, servicing and asset management infrastructure to help mitigate potential execution risk. Pretium’s vertically integrated model enables it to source, create, invest in and optimise fragmented assets at scale for investors through a real-time feedback loop and high-touch asset management.
Investors should also prioritise selectivity over broad housing exposure. Given the growing dispersion across regions, price points and product types, portfolios should be tilted toward markets with strong demographics, lower supply and more reliable absorption.
Finally, we believe investors should view this as a long-term opportunity rather than a short-term trade. The housing shortage and need for construction lending is structural, creating an opportunity for real estate private credit investors who provide flexible capital, underwrite risk carefully, and actively manage assets through the cycle.
Brendan will be presenting at Global Investment Institute’s upcoming Private Credit Investment Forum, taking place on Thursday, 14 May 2026 in Melbourne CBD, Victoria. To register your interest in attending, click here or for more information email zlatan@globalii.com.au.
Brendan Bosman, Managing Director, Pretium
Brendan is a Managing Director at Pretium, where he oversees the firm's investment activities in homebuilder finance.
Prior to joining Pretium in 2024, Brendan served as a Senior Managing Director and head of US housing investing at Värde Partners, closing transactions worth over US$8 billion across the capital structure. In his more than 15 years at Värde, Brendan worked on a variety of real estate property types and structures, with a particular focus on financing homebuilders and residential developers.
Brendan received a BA in Economics and Religious Studies from Macalester College.
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