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In June of 2009 3 guys came together to discuss a new venture.
CREDAA is the brainchild of Scott Miller and Warren Samek, both National Commercial Account Executives with Fidelity National Title in Seattle, WA and JW Najarian, formally a commercial lender with Pathfinder Commercial Mortgage and the Founder of The Commercial Real Estate Professional Investor Group out of Los Angeles.
After the real estate and stock markets fell in September of 2008 the founders envisioned a commercial real estate collapse coming as the CRE market tends to lag just around 2 years from the residential market. We believe now that due to the magnitude of the market and residential market crashes, the commercial collapse is happening at a quicker pace.
Due to the TARP plan we believe the banks are holding troubled assets at an alarming rate and furthermore, that if these assets are held too long, that the market recovery will be much longer than it needs to be.
The founders came up with the idea that if the industry had a place to be able to work together at finding solutions, that the recovery could be sped up. The founders believe that an association of industry professionals and investors can, given the most current information, data and education, find and implement solutions that will help banks, brokers, lenders, investors and property owners re-work or get out from under troubled assets with the least losses.
CREDAA was founded in pre-launch on August 20th 2009.
CREDAA now has twenty two commercial industry and business leaders from many diverse skill sets.
It is CREDAA's goal to provide brokers, lenders, banks, investors and other CRE industry professionals, education, solutions, resources and other support to help them in the disposition, acquisition, valuation and financing of CRE Distressed, Toxic, Unstable or troubled assets and non-performing notes. Become a membership of companies and individuals operating in the commercial real estate, investment, finance, and banking industries.