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Commercial banks and savings institutions have been a reliable source of business financing for Alabama’s estimated 368,500 small businesses, according to the 2007 research report by the SBA Office of Advocacy. However, the current credit freeze by banks has left many business owners in the lurch.
"Fortunately, business owners have non-bank lenders as an alternative source of business financing," according to Naomi Monk, with Naomi Monk and Associates, a business and finance consulting firm. “We are working hard to get the word out that money is available for Alabama business owners in need of commercial property and business loans from other sources that are able and eager to fund loans,” she added.
“One of the more popular loan programs offered by our group of non-bank lenders to business owners is a stated income commercial mortgage for owner-occupied commercial property. A business owner can qualify using their stated income and good credit to purchase or refinance a commercial building. The loan program also allows a property owner to obtain a cash-out refinance or a line of credit to help with cash flow," explained Monk.
In addition to commercial mortgages, Naomi Monk and Associates offers business owners cash flow solutions including business debt restructuring (which allows a business owner to avoid bankruptcy and create an affordable repayment schedule) and arranging the sale of business or real estate notes for top dollar.
For more information on stated income commercial mortgage loans and other business loan programs available, visit http://SmallCommercialMortgageOnline.com
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