The CRE Data, Analytics, and Valuation platform has entered the Operating Advisor business within the CMBS Industry
CRED iQ, a data analytics and valuation platform serving the commercial real estate finance and investment communities announced its expansion into the Operating Advisory business for Commercial Mortgage-Backed Securities (CMBS). The Operating Advisor role was introduced to the industry post financial crisis to review Asset Status Reports for defaulted loans, evaluate proposals by the special servicer in handling defaults, and recalculate appraisal reduction amounts. Additional responsibilities are triggered once a Control Termination Event occurs within a transaction.
As part of its newly expanded role, CRED iQ made critical hires of industry veterans, Jim Reed and Marc McDevitt. Jim Reed has over 15 years of asset management and workout experience with Oppenheimer and Capmark. Marc McDevitt was a senior member of Kroll Bond Rating Agency (KBRA) where he led a team of analysts tasked with identifying, monitoring and valuing distressed commercial properties.
CRED iQ Co-Founder Bill Petersen explains, “Moving into the Operating Advisor role was a natural progression for the platform since we are already monitoring and valuing distressed assets across the CMBS universe. We often identify loans at risk of default long before they become delinquent or transfer to the special.” Prior to Co-founding CRED iQ, Petersen ran the CMBS Ratings Surveillance group for Kroll Bond Rating Agency. “We have decades of experience with identifying, monitoring, and valuing risky assets, as well as a deep understanding of CMBS structures and processes. We look forward to drawing upon our experience to inform our discussions with the servicers.”
“We are thrilled to have Jim and Marc join CRED iQ and help us expand into a new business line that serves the CMBS industry,” said CRED iQ Co-Founder, Michael Haas.
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