Maxim Commercial Capital Fills Capital Void in Q2 2024
Hard-asset based lender expanded team with five new hires to meet demand
LOS ANGELES, CALIF. (July 23, 2024) – Maxim Commercial Capital (“Maxim”) reported strong results for the second quarter of 2024. While many competitors have tightened their credit windows and other lenders have closed their businesses, Maxim continues to expand. To support its growth, the hard-asset secured lender hired five new team members for key positions in credit, operations, and collections during the period. Maxim provides loans and leases from $10,000 to $3 million secured by class 6 and 8 trucks, trailers, heavy equipment, and real estate for entrepreneurs nationwide.
“Our asset-secured financing model was designed to fulfill the capital needs of non-bankable borrowers regardless of the economy,” said Michael Kianmahd, Maxim’s CEO. “Our expanded team of nearly 30 professionals together with continual improvements to our credit model and scoring tools enables us to fund deals with confidence for borrowers with challenged credit, as well as those with excellent credit seeking a flexible solution.”
Finance brokers across the nation submitted a record number of applications during the period for small business owners seeking growth capital or cash out financing to pay down expensive liabilities. Maxim’s Structured Finance program provides up to 70% combined loan-to-value (CLTV) financing secured by a 1st, 2nd or 3rd lien against real estate, and up to 65% financing secured by heavy equipment.
Structured Finance transactions during the quarter included a $410,000, 5-year term loan for experienced restaurateurs based in New York, secured by a 1st lien against a residence owned and occupied by the borrowers’ family. The borrowers used the capital to pay off MCA debt held by five lenders, complete property improvements, and expand their catering services. In another transaction, Maxim funded a $200,000, 5-year term loan secured by a 2nd lien on the borrower’s North Carolina primary residence at 57% CLTV. The borrower is using the capital to expand her virtual health-and-wellness platform.
Truck financings during Q2 2024 included 72% purchase financing for a start up owner-operator with a 596 FICO and limited credit history to buy his first truck, a 2020 Kenworth T680 with 426K miles, for $49,000 with the help of a guarantor; 76% purchase financing for an experienced owner-operator with a 615 FICO and previously discharged bankruptcy to buy a 2021 Kenworth T680 with 317k miles for $52,000; and, 75% financing for an experienced owner-operator with a 538 FICO to buy a 2019 Freightliner Cascadia with 590K miles for $40,000.
Financings for Heavy Construction Equipment during the period included a $105K, 42-month term loan for a contractor in Maryland with 12-years of experience to expand his business with a second dump truck, a 2019 Kenworth T880; and, a $51K, 36-month term loan for a start up contractor in North Carolina with an 800+ FICO to buy a 2014 Mack GU713 quad axle dump truck.
Click here for more examples of recent fundings.
About Maxim Commercial Capital
Maxim Commercial Capital helps small and mid-sized business owners nationwide by providing loans and leases (“financing”) from $10,000 to $3 million secured by trucks, trailers, heavy equipment, and real estate. It funds equipment purchase financings and leases, working capital, and debt consolidations. Maxim’s more creative financing structures leverage equity in real estate and owned heavy equipment to facilitate growth and preserve customers’ cash. As a leading provider of transportation equipment financing, Maxim supports start up and experienced owner-operators and non-CDL small fleet owners by funding loans and leases for class 8 and class 6 trucks, trailers, and reefers. Learn more at www.maximcc.com or by calling 877-776-2946.
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Contact:
Michael Kianmahd, CEO
Maxim Commercial Capital
(213) 984-2727