Maxim Commercial Capital announced it fulfilled the financing needs of small and mid-sized businesses (SMBs) in 41 states during 2021, despite global disruptions in the equipment industry and the lingering pandemic. Maxim lends from $10,000 to $3,000,000 secured by heavy equipment or real estate. Its creative solutions include leveraging borrowers’ real estate assets, up to 70 percent combined loan-to-value, to reduce the cash required to buy new equipment, to provide working capital and to restructure short-term debt.
“We began 2021 optimistic, both in terms of returning to normal business operations and continued improvements to our delivery model through investments in our operating infrastructure,” said Michael Kianmahd, Executive Vice President. “In retrospect, we are exceptionally pleased with our 2021 performance, having met or exceeded many KPIs thanks to our strong, dedicated team. We streamlined our application process, invested in technology, expanded our target market to higher quality borrowers, and continued to invest in marketing.”
Creatively structured transactions during the year included 100 percent financing for a mobile food service company with challenged credit to purchase a new $117,000 food preparation trailer, secured by the trailer and a second lien on the borrower’s home. A contractor with a history of late charges on revolving credit and past charge offs is fulfilling a strong municipal contract with his new 2022 Bobcat T770 Track Loader purchased with a $55,300 loan from Maxim. And, a newer business owner with challenged credit in Northern California successfully purchased a 2010 Case 521E Wheel Loader with a $46,300 loan from Maxim.
A leader in transportation equipment financing, Maxim expanded its truck financing program during the year to fund higher amounts for better credits, including investors and startups. Maxim provided financing for a start-up driver, who owns his home and has a 706 FICO, to buy a $80,000 2016 Freightliner Cascadia with 475,000 miles; two investors with 615 and 572 FICOs, both homeowners, bought their second truck, a $48,000 2017 International ProStar Day Cab; and a non-homeowner driver with a 766 FICO and two years of experience purchased a $108,000 2018 Peterbilt 579 with 432,000 miles to replace his old truck.
“We are grateful for every member of our team, each of whom remained committed to providing the highest level of customer service in spite of the year’s extraordinary circumstances,” said Behzad Kianmahd, Chairman and CEO. “We are excited about launching some new programs soon and are well-capitalized and eager to continue supporting the nation’s entrepreneurs in 2022 and beyond.”