Birmingham, MI (PressExposure) March 31, 2009 -- Commercial Finance Advisors, Inc is proud to announce the recent hiring of veteran commercial loan officer, Dennis Prestel. Dennis brings 30 years of commercial loan officer experience, having worked for some of the most prominent banks in the nation, such as Wachovia and 5th 3rd.
Mr. Prestel experience is wide reaching, from SBA real estate financing, equipment financing, to conventional commercial real estate loans, etc. "We are excited to have him on board. His level of detail, contacts and experience is an important and valuable contribution to our firm. We anticipate having him work on mostly SBA loans as this is one of the more viable sectors of the business." Comments Jeff Rauth, President.
Commercial Loan Officer
Mr. Prestel will be focused primarily on his existing area of expertise, SBA real estate loans, however due to his experience with equipment financing he will still be able to serve clients with those requirements. He will be working on a national basis, in the $400,000 - $10,000,000 range.
Few companies are adding commercial loan officers these days. The main issues continue to be the "frozen" secondary market. Banks and lenders are being forced to hold onto loans, similar to what banks did in the past. Unfortunately, most modern banks are not set up to do this and instead need to sell off debt so that they can "recycle" their capital. The stimulus package that was recently rolled out, is trying to address these issues. We will know shortly how effective this is within weeks.
Due to our collective knowledge of banks, foreign investors and other sources of capital, Mr. Prestel should be in a good position to whether the "storm" and eventually to capitalize on the turn around. Regardless he is a solid commercial loan officer, and we are glad he is working with us.