Maxim Commercial Capital Funds Deals in 32 States in Q3/21
OCT 14, 2021 - 6:08 am
Maxim Commercial Capital experienced increased demand across all of its lending programs during Q3/21, with the company funding deals in 32 states during the quarter. According to the company, contractors across the U.S. are purchasing heavy equipment in response to a surge in infrastructure projects and an active construction industry. In addition, entrepreneurs owning residential, commercial and industrial real estate are leveraging properties to fund immediate business opportunities and owner-operators of Class 8 trucks are upgrading and adding equipment to fulfill contracts.
“The private lending market is normalizing now that the [Paycheck Protection Program] financing program is over and COVID-19 infection rates are declining in most markets,” Michael Kianmahd, executive vice president of Maxim Commercial Capital, said. “With most students back in school and improving vaccination rates, it’s a very different world than a year ago. We are very optimistic for a stable Q4 and busy 2022.”
Maxim funded multiple truck purchases for startup and non-CDL buyers with good credit and experienced owner-operators with challenged credit during Q3/21. Representative transactions included a 2018 Freightliner Cascadia with 418,000 miles purchased for $70,200 by a startup owner-operator with an 819 FICO; a 2017 International ProStar with 390,000 miles purchased for $58,570 by a non-CDL owner with a 795 FICO and their partner, an experienced driver with bad credit; and a 2015 Peterbilt 579 with 456,000 miles purchased for $53,374 by a newer owner-operator with fair credit.
Transactions for construction equipment included a $103,000 loan to a former client to purchase a 2015 Peterbilt 365 dump truck to expand their business. The borrower minimized their down payment by pledging their paid-off 2010 Peterbilt 365 dump truck as additional collateral. Other representative fundings included a $39,400 loan to a Colorado-based contractor with challenged credit to purchase a 2014 Hitachi AX350 LC5 excavator and a $105,300, 54-month loan to a startup trucking and hauling company in Florida to buy a 2022 Kenworth T800 Tri-Axle dump truck, thereby eliminating its $3,000 weekly rental expense.
“Our borrowers’ demand for financing provides a good barometer for the post-pandemic recovery,” Behzad Kianmahd, chairman and CEO of Maxim Commercial Capital, said. “They are securing strong contracts, adding employees and investing in additional equipment to grow their businesses. We are on a mission and very pleased to help them achieve the American dream of entrepreneurship.”
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