Maxim Commercial Capital Reports Strong Q2/21 Results with Deals Funded in 32 States
JUL 22, 2021 - 6:15 am
Maxim Commercial Capital continued to fuel the economic recovery during the second quarter of 2021 by fulfilling strong demand for its cash out financing, heavy equipment purchase financing, real estate secured working capital and truck financing programs. Maxim funded deals in 32 states for borrowers ranging from start-up truck owner-operators with challenged credit to established technology companies with high-net-worth shareholders.
“Our portfolio performance together with borrowers’ appetite for financing is a good barometer for the economy’s trajectory,” Michael Kianmahd, executive vice president, said. “Based on the first half of the year, we are looking forward to a strong second half. We anticipate continued recovery of the supply chains, which hopefully will result in normalization of equipment prices.”
Fundings submitted by finance brokers during the quarter included a $600,000, 60-month, cash out term loan for a growing SaaS company in Pennsylvania, secured by a first lien on business FF&E and the principal’s residence; $61,000 in purchase financing secured by a new 2022 Peterbilt 337 tow truck for an operator in New Hampshire with strong contracts; and, 90% purchase financing secured by a $30,200 2016 Ford F650 Rollback Tow Truck and 2011 Dodge 5500 Wrecker Tow Truck for a subprime California towing company.
Start-up truck owners, non-CDL fleet owners and experienced owner-operators successfully purchased the trucks they wanted with Maxim’s help. New borrowers funded during the second quarter included a first-time buyer with a recent medical collection who purchased a 2016 Freightliner Cascadia for $55,300; a first-time buyer with past slow pays who bought a 2016 Hino 268 Box Truck with 142,000 miles for $49,000; and, a non-CDL fleet owner who bought a 2016 Freightliner Cascadia with 410,000 miles for $57,900.
“It’s our mission to help entrepreneurs succeed by providing the growth capital they need,” Behzad Kianmahd, chairman and CEO, said. “We are grateful for the thousands of finance brokers and equipment vendors across the nation who think of Maxim for their clients who don’t fit traditional lenders’ credit boxes.”
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