Maxim Commercial Capital Funds Deals in 30 States During Q2/20
JUL 15, 2020 - 6:42 am
Maxim Commercial Capital funded hard asset-secured financings for small and mid-sized businesses (SMBs) in 30 states across the U.S. during Q2/20. After pivoting in March to safer-at-home working conditions for its more than 30 team members, Maxim experienced a steady increase in applications from equipment brokers and vendors for their borrowers with challenged credit.
“Maxim was founded during the Great Recession of 2008,” Behzad Kianmahd, chairman and CEO of Maxim, said. “We are applying our experiences gained during that time to overcome today’s extraordinary economic challenges and long-term uncertainty caused by the COVID-19 pandemic. We have reaffirmed our commitment to finance SMBs, which are the backbone of our economy, refreshed our underwriting standards and are continually improving our infrastructure by investing in technology and communication tools for the benefit of our customers, vendors, brokers and team members.”
During the second quarter, Maxim received applications from business owners with strong credit but negative cash flow due to the economic downturn. Funded transactions for such borrowers included $95,000 secured by a 2019 Mack GR64F Tri-Axle Dump Truck for a landscaping company in New Jersey, $42,500 for a contractor’s purchase of a 2014 Caterpillar 312E Hydraulic Excavator and $29,000 to enable a business started up by contractors to purchase a 2020 Reinert ZR Concrete Pump.
Buyers of used Class 8 trucks faced numerous challenges during the second quarter, ranging from lenders shutting down without warning to closed DMVs. Maxim funded deals across the country, including $26,500 for a California-based long-haul truck owner-operator to purchase a 2017 Volvo 780, $20,800 for an Ohio-based transportation company to purchase a 2017 Freightliner Cascadia and $23,000 for a Texas-based owner-operator to purchase a 2016 Freightliner Cascadia to replace a truck with mechanical issues.
“We are humbled and encouraged by our team’s commitment to positively impact our customers’ future success and by our customers’ continuous effort to make tough but rational decisions to stay in business during these difficult times,” Michael Kianmahd, executive vice president of Maxim, said. “Based on our experience over the past few months, we are confident that SMBs across the nation will contribute substantially to the nation’s recovery from the biggest economic shock since the Great Depression.”
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