Maxim Commercial Capital announced it provided hard-asset secured financing to 129 small and mid-sized businesses (SMBs) during the second quarter of 2019. Maxim lends $10,000 to $3 million to SMBs secured by heavy equipment and real estate to facilitate asset purchases, working capital and refinancing expensive debt.
Transactions funded by Maxim during the second quarter included $800,000 in growth capital to enable an owner-operator of residential assisted living facilities to acquire a new property. The loan is secured by a first lien on the new property and second liens on the borrower’s primary residence, two other assisted living homes and a rental property. A San Francisco-based borrower increased his $1.2 million loan from Maxim to $1.8 million, secured by second liens on commercial and residential properties, for working capital purposes. Maxim provided another existing borrower with 100 percent financing to purchase a flatbed trailer and working capital for business expansion, secured by the new and pre-existing owned equipment and a second lien on the borrower’s home.
“The biggest compliment we can get is for a customer to return to us for incremental financing.” said Michael Kianmahd, Executive Vice President at Maxim. “Without question, this happens as a result of our team members’ great end-to-end customer service and commitment to our clients’ success.”
Despite a national downturn in sales of used class 8 trucks during the second quarter, Maxim facilitated purchases by numerous owner-operators with challenged credit. Examples include creative financing for a woman without a commercial driver’s license (CDL) so she could start up a trucking business with the purchase of a 2015 Kenworth T680. An experienced owner-operator with a discharged bankruptcy in 2010 and late credit card payments successfully replaced his truck with a 2013 Peterbilt financed by Maxim.
"Our goal for every owner-operator who finances with us is to do everything we can to make a success story out of his or her business,” said Behzad Kianmahd, founder, Chairman and CEO of Maxim.
Maxim is expanding its team to support the company’s growth. It has current openings for a Chief Financial Officer, Controller, Customer Service Representative, Staff Accountant and Director - Real Estate Lending.