Maxim Commercial Capital Reports Strong Results for 2Q 2021
July 21, 2021
Maxim Commercial Capital Reports Strong Results for 2Q 2021
Hard asset-secured lender continues to fuel the economic recovery by funding SMBs
LOS ANGELES, CALIF. (July 21, 2021) – Maxim Commercial Capital (“Maxim”) continued to fuel the economic recovery during the second quarter of 2021 by fulfilling strong demand for its Cash Out Financing, Heavy Equipment Purchase Financing, Real Estate Secured Working Capital and Truck Financing programs. Maxim funded deals in 32 states for borrowers ranging from start-up truck owner-operators with challenged credit to established technology companies with high net worth shareholders.
“Our portfolio performance together with borrowers’ appetite for financing is a good barometer for the economy’s trajectory,” said Michael Kianmahd, Executive Vice President. “Based on the first half of the year, we are looking forward to a strong second half. We anticipate continued recovery of the supply chains, which hopefully will result in normalization of equipment prices.”
Fundings submitted by finance brokers during the quarter included a $600,000, 60-month, cash out term loan for a growing SaaS company in Pennsylvania, secured by a first lien on business FF&E and the principal’s residence; $61,000 in purchase financing secured by a new 2022 Peterbilt 337 tow truck for an operator in New Hampshire with strong contracts; and, 90% purchase financing secured by a $30,200 2016 Ford F650 Rollback Tow Truck and 2011 Dodge 5500 Wrecker Tow Truck for a subprime California towing company.
Start-up truck owners, non-CDL fleet owners and experienced owner-operators successfully purchased the trucks they wanted with Maxim’s help. New borrowers funded during the second quarter included a first-time buyer with a recent medical collection who purchased a 2016 Freightliner Cascadia for $55,300; a first-time buyer with past slow pays who bought a 2016 Hino 268 Box Truck with 142,000 miles for $49,000; and, a non-CDL fleet owner who bought a 2016 Freightliner Cascadia with 410,000 miles for $57,900.
“It’s our mission to help entrepreneurs succeed by providing the growth capital they need,” said Behzad Kianmahd, Chairman and CEO. “We are grateful for the thousands of finance brokers and equipment vendors across the nation who think of Maxim for their clients who don’t fit traditional lenders’ credit boxes.”
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.
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Contact:
Michael Kianmahd
Maxim Commercial Capital
(213) 984-2727