Maxim Commercial Capital Funds Transactions in 42 States in 2020
FEB 3, 2021 - 6:47 am
Maxim Commercial Capital funded transactions ranging from $10,000 to $1.5 million for borrowers in 42 states during 2020. The financings enabled small and mid-sized businesses to get heavy equipment despite challenged credit and the global COVID-19 pandemic. Maxim provides lending solutions from $10,000 to $3 million and secured by heavy equipment and real estate to facilitate asset purchases and working capital and to refinance short-term debt.
“We started 2020 with ambitious plans to grow our portfolio while continuing to streamline operations,” Michael Kianmahd, executive vice president of Maxim Commercial Capital, said. “While the pandemic has brought a lot of uncertainty and challenges, our team members have showcased astute professionalism since stay-at-home orders were issued in March. Most transitioned to working safely from home without any downtime, and all have delivered proactive customer support, credit discipline, and focused collections and asset management efforts. As a result, we succeeded in providing essential financing and fulfilled pre-pandemic goals to improve our performance, customer experience and broker/vendor experience.”
Maxim launched a customer portal on its website for borrowers with truck loans, eliminating processing fees for users. It also improved key performance reporting across asset management, collections, and broker and vendor productivity.
Transactions funded during the year included:
$55,000 for an owner-operator with a 650 FICO score to fund the purchase of a 2016 Kenworth T800 with 198,000 miles to meet demand
$27,900 secured by a 2017 Hino 258 Rollback Tow Truck for a tow truck driver to start their own business
$37,700 for a contractor to buy a 2016 Case 580 Super N Backhoe Loader to meet customer demand
$29,300 for a startup owner-operator with challenged credit to buy their first truck, a 2016 Freightliner Cascadia.
“As we enter our 13th year in business, we look forward to continuing to serve as a reliable funding source for borrowers with challenged credit across the U.S., regardless of the economic backdrop,” Behzad Kianmahd, chairman and CEO of Maxim Commercial Capital, said. “We are proud of our team’s exceptional commitment to customer service during the extraordinary circumstances in 2020 and look forward to continuing to support our customers, brokers and vendors in 2021.”
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