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Maxim Commercial Capital Funded 250 Businesses in 1Q 2020
April 14, 2020
Source: Maxim Commercial Capital
Maxim Commercial Capital is pleased to announce it funded hard asset-secured financings for 250 small and mid-sized businesses (SMBs) during the first quarter of 2020. With the onset of the COVID-19 pandemic, Maxim adapted quickly to safer-at-home working conditions for its 30+ team members. Maxim lends $10,000 to $3,000,000 to SMBs nationwide secured by heavy equipment and real estate to facilitate asset purchases, working capital and to refinance expensive short term debt.
“I am incredibly proud of our team’s extraordinary efforts to provide uninterrupted service to our customers during these unprecedented times,” said Behzad Kianmahd, Maxim’s Chairman and CEO. “Our customer service representatives, sales representatives, underwriters and administration are networked together to meet the changing needs of existing borrowers while continuing to fund new deals nationwide.”
Maxim is experiencing increased demand to provide working capital secured by heavy equipment and real estate. First quarter 2020 transactions included $145,000 to a growing underground utilities contractor in South Carolina for 100% purchase financing of a 2016 Vermeer Directional Drill and to pay off an expensive MCA loan. The fully-amortizing, 60-month loan is secured by a first lien on the borrower’s residence and the newly-purchased drill.
“In addition to working capital financings, we’ve seen an uptick in submissions from loan brokers with complex transactions for borrowers with strong credit,” noted Michael Kianmahd, Executive Vice President. “For instance, we recently closed a $350,000 land acquisition loan for an entrepreneur with a FICO just short of 800. Our borrower will build an express car wash on the lot, which is next to a gas station. The loan is secured by the land and a second lien on the borrower’s home at 70% CLTV.”
Maxim continues to help keep essential truck drivers on the road by providing used truck purchase financing. First quarter 2020 transactions included 75% financing for a start-up owner-operator in Cleveland, Ohio with a 558 FICO and 1-year CDL to purchase a $39,950 2016 Kenworth T680. A California first-time owner-operator with 16 years’ driving experience and 762 FICO is in a $50,663 2015 Peterbilt 579, including a 2-year/200,000 mile comprehensive warranty, for $12,000 down. And, a business owner with a 714 FICO and 1-year in business purchased their second truck, a $32,520 2013 Freightliner M2 Van, for $7,000 down.
Maxim continues to expand its team to support the company’s growth. Visit Maxim’s website to review current job openings for Vendor Sales Manager – Northeast and Director - Real Estate Lending.
About Maxim Commercial Capital
Maxim Commercial Capital helps small and mid-sized business owners seize opportunity by providing financing in amounts up 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.
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