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Maxim Commercial Capital Reports Strong 2020 Results

February 02, 2021, 07:18 AM
Filed Under: Industry News

Maxim Commercial Capital announced it funded transactions ranging from $10,000 to $1.5 million for borrowers in 42 states during 2020. The financings enabled small and mid-sized businesses (SMBs) get the heavy equipment they need to sustain and grow their businesses, despite challenged credit and the global COVID-19 pandemic. Maxim lends from $10,000 to $3 million secured by heavy equipment and real estate to facilitate asset purchases, working capital and to refinance expensive short-term debt.

“We started 2020 with ambitious plans to grow our portfolio while continuing to streamline operations,” said Michael Kianmahd, Executive Vice President. “While the pandemic has brought a lot of uncertainty and challenges, our team members have showcased astute professionalism since stay-at-home orders were issued in March. Most transitioned to working safely from home without any downtime, and all have delivered proactive customer support, credit discipline and focused collections and asset management efforts. As a result, we succeeded in providing essential financing and fulfilled pre-pandemic goals to improve our performance, customer experience and broker/vendor experience.”

Maxim successfully launched a customer portal on its website for borrowers with truck loans, eliminating processing fees for users. It also improved key performance reporting across asset management, collections, and broker and vendor productivity. These changes facilitate better service to Maxim’s target markets of SMBs, finance brokers and used truck vendors.

Transactions funded during the year included $55,000 for an experienced owner-operator with a 650 FICO to quickly fund the purchase of a 2016 Kenworth T800 with 198,000 miles to meet strong demand; $27,900 secured by a 2017 Hino 258 Rollback Tow Truck for an experienced tow truck driver to start his own business; $37,700 for an experienced contractor to buy a 2016 Case 580 Super N Backhoe Loader to meet customer demand; and $29,300 for a start-up owner-operator with challenged credit to buy his first truck, a 2016 Freightliner Cascadia.

“As we enter our 13th year in business, we look forward to continuing to serve as a reliable funding source for borrowers with challenged credit across the U.S., regardless of the economic backdrop,” said Behzad Kianmahd, Chairman and CEO. “We are proud of our team’s exceptional commitment to customer service during the extraordinary circumstances in 2020, and look forward to continuing to support our customers, brokers and vendors in 2021.”

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