Maxim Commercial Capital Reports Strong Q1 2021 Demand
Maxim Commercial Capital Reports Strong Q1 2021 Demand
Hard asset-secured lender funded subprime borrowers in 30 states
LOS ANGELES, CALIF. (April 22, 2021) – Maxim Commercial Capital (“Maxim”) announced strong demand during the first quarter of 2021. Its Structured Finance program proved popular during the period, with business owners leveraging their equity in real estate and owned heavy equipment to fund working capital and fuel growth. Despite low inventory of well-priced, low mileage Class 8 used trucks, Maxim closed purchase financings ranging from $12,000 to $53,500 for hundreds of owner-operators across the U.S.
“These past three months were starkly different from a year ago, when we were focused on supporting our existing customers to limit delinquencies and adapting to working from home,” said Michael Kianmahd, Executive Vice President. “While many of our team members are still working from home, delinquencies are at historic lows and we onboarded over 40 new finance brokers with subprime borrowers needing growth financing.”
First quarter 2021 transactions submitted by finance brokers included a $425,000, 60-month, cash-out term loan secured by a first lien position on commercial and residential real estate and equipment for an experienced business owner in North Carolina with a foreclosure history; $87,400 purchase financing secured by a 2017 John Deere 8345R Tractor for a family business with challenged credit; and, $51,900 purchase financing secured by a 2013 Mack Granite 17’ Alum Dump Truck for a government contractor with a discharged bankruptcy.
Maxim continued to fulfill a void in the truck financing sector, closing deals for start-ups, owner-operators with challenged credit needing to replace trucks, and non-CDL owners of trucking companies. Examples include $55,000 funded for an experienced owner-operator with good credit to get a 2016 Kenworth T800 with 198,000 miles; $22,000 for a non-CDL trucking operator in business for two years to get his second truck, a 2016 Volvo 670 with 492,000 miles; and $26,400 for a start-up owner-operator with 6 years of driving experience to get a 2015 Mack CXU613 with 479,000 miles.
“We are optimistic, yet realistic, about the business climate and economic recovery,” said Behzad Kianmahd, Chairman and CEO. “The unknown risk of COVID-19 variants and the pace of economic recovery make it difficult to project. Conversely, we anticipate the pending infrastructure bill, strong vaccination rates and pent-up consumer demand will continue to drive strong demand for our financing solutions.”
About Maxim Commercial Capital
Maxim Commercial Capital helps small and mid-sized business owners seize opportunity by providing financing in amounts from $10,000 to $3,000,000 secured by heavy equipment and real estate. Maxim facilitates equipment purchases, provides working capital, and refinances debt for companies across all industries located nationwide. Through Maxim’s tailored financing programs, businesses unlock capital tied up in underleveraged assets, often replacing expensive short-term debt and daily repayment working capital loans with longer term capital. As a leading provider of transportation equipment finance, Maxim funds up to 75% of the acquisition cost of class 8 and class 6 trucks, trailers and reefers for owner-operators and small businesses. Learn more at www.maximcc.com or by calling 877-776-2946.
Contact:
Michael Kianmahd
Maxim Commercial Capital
michael@maximcc.com
(213) 984-2727