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Maxim Commercial Capital Funds 250 Businesses in First Quarter

April 15, 2020, 07:20 AM

Maxim Commercial Capital announced 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 more than 30 team members.

Maxim lends $10,000 to $3 million 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. Its first-quarter 2020 transactions included $145,000 to a growing underground utilities contractor in South Carolina for 100 percent 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 percent CLTV.”

Maxim continues to help keep essential truck drivers on the road by providing used truck purchase financing. First-quarter 2020 transactions included 75 percent financing for a startup owner-operator in Cleveland, OH, with a 558 FICO and one-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 two-year/200,000-mile comprehensive warranty, for $12,000 down.  And, a business owner with a 714 FICO and one-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.

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