Birmingham, MI (PressExposure) March 28, 2009 -- Commercial Finance Advisors, Inc is excited to announce the recent addition to the company with the hiring of veteran commercial banker, Dennis Prestel. Mr Prestel brings 30 years of commercial banking experience, having worked for some of the most prominent banks in the nation, such as Wachovia.
Mr. Prestel experience covers most areas including: SBA financing, equipment financing, conventional commercial real estate loans, etc. "We are excited to have him on board. His level of detail, contacts and experience will be valuable to us and more importantly to our clients." Comments Jeff Rauth, President.
Mr. Prestel will be focused primarily on his existing area of expertise, SBA commercial loans and will be working on a national basis, in the $400,000 - $10,000,000 range.
SBA loans have received a lot of press lately, due primarily to the Stimulus Package. The most important component of this is that the government has allocated $50 billion to buy SBA debt frozen on the secondary market. Most of these loans are SBA 7a loans. As a result of the problems, SBA 7a loans are down 57% year to date. Most expert believe the $50 billion will stabilize and return the markets to normal.
Surprisingly the SBA 504 loan has faired much better and is only slightly down. Mr Prestel, will work on both programs, and should be in a very good position to capitalize on the turn around.