Our History

In 1989, while employed at Westinghouse Electric, Alan Patterson managed an internal consulting group and was assigned the task of developing a fee business. Westinghouse was seeking to generate income from a source that did not require leveraging capital. That assignment resulted in Westinghouse entering into several contracts with the Resolution Trust Corporation and the Federal Deposit Insurance Corporation to assist them in resolving commercial real estate REO acquired during the saving and loan crises of the late 1980s. In early 1991, Westinghouse made the decision to exit the consulting business and an agreement was concluded between Westinghouse and Alan Patterson that would permit Mr. Patterson to perform the remaining services under the existing Westinghouse contracts. To complete these assignments, Mr. Patterson formed CreditVest and opened for business on December 16, 1991.

As the Westinghouse Contracts expired, the RTC and FDIC entered into direct contracts with CreditVest that remained until the RTC legally sunset in December 1995. At that time, CreditVest entered into a new relationship with Nomura Securities to underwrite commercial real estate transactions for a new concept called commercial mortgage backed securities or CMBS. Due to Nomura’s initial dominance of the CMBS industry, CreditVest underwrote exclusively for Nomura for two years before expanding its customer base to include many of the New York investment banks including Citigroup, CS First Boston, Morgan Stanley, Merrill Lynch and CW Capital to name a few.

In the late 1990s and early 2000s, CreditVest diversified its client base, once again adding a government contract as well as private sector clients outside of the CMBS origination business.

Since 1999, CreditVest has worked extensively with the U.S. Department of Housing and Urban Development (HUD). As a Participating Administrative Entity (PAE) in HUD’s Mark-to-Market Program, the firm has underwritten and restructured debt on over 650 low-income housing complexes. The financing has involved LIHTC Investments, FHA-insured loans, HUD held loans, tax-exempt bonds, credit enhancements, construction and renovation loans and bridge loans. In 2009, CreditVest was selected as one of three PAE’s nationwide to participate in HUD’s Green Initiative to encourage owners and purchasers of affordable multifamily properties to rehabilitate and operate their properties using sustainable Green Building standards. CreditVest is currently an active PAE for HUD’s Office of Affordable Housing Preservation (OAHP).

Beginning in the early 2000s and continuing through today, CreditVest has served a variety of lenders at various phases of the lending cycle. CreditVest clients have included CMBS lenders, bridge lenders, life insurance companies, and fund asset managers. From 2003 through 2007, CreditVest served as the primary underwriter for LaSalle Bank’s small loan program, which offered a streamlined process for CMBS loans of $1-$5 million. LaSalle’s small loan program was very successful and operated as one of only a few such programs in the nation. CreditVest also performed work beyond origination underwriting, gaining traction providing services ranging from feasibility studies to B-piece buyer underwriting to loan sale packaging. With a skilled staff of real estate professionals, CreditVest has positioned itself to offer an extensive range of underwriting, due diligence, and financial advisory services to a wide range of clients.

In 2016, Alan Patterson made the decision to retire and transition CreditVest into its next chapter of service. Mr. Patterson wanted to see the company continue forward with the same culture intact which enabled the company to earn its reputation as a best-in-class due diligence provider. Andrea Humphrey, a veteran employee of the company, was entrusted to steward the company forward and assumed ownership and management of the company. Under Andrea’s leadership, the company continues to provide the highest quality underwriting solutions in an environment that seeks to truly partner with our clients to see them succeed.