Maxim Commercial Capital Reports Strong Performance During Q1 2022
Hard-asset based lender funded better credits, real estate secured cash-out financings
LOS ANGELES, CALIF. (Apr. 13, 2022) – Maxim Commercial Capital (“Maxim”) reported strong results for the first quarter of 2022. The company kicked off the year with record low delinquencies, increased fundings to better credits, and strong demand for cash-out financings secured by real estate and equipment.
“As a closely-held company, we have the luxury of pivoting our business strategy real-time based on market conditions,” said Michael Kianmahd, Executive Vice President. “This benefitted us during the pandemic and continues to serve us and our borrowers during today’s volatile global economic conditions. We continue to invest in our operating infrastructure and are seeking to fill a few key positions.”
Maxim onboarded 40 new finance broker relationships during the first quarter. The lender’s team educated finance brokers on ways to expand their businesses through webinars and the byline article recently published by the AACFB, “Equipment Finance Brokers – Don’t Limit Opportunity! Ask about Real Estate Assets.”
Cash out financings funded during the first quarter include a $340,000 loan to a growing environmental consulting business in New Jersey secured by first liens on the business owners’ primary residence, a rental property purchased with the financing, and business FF&E. An established general contractor and real estate investor in Chicago experiencing customer collections problems borrowed $218,000 from Maxim secured by a first lien on an investment property and second lines on two residential income properties. He used the funds to refinance an expensive MCA loan, complete renovations of an investment property, improve rental properties, and bring a mortgage current.
With continuing record high class 8 truck prices, Maxim loosened credit standards for certain customer categories during the first quarter. Representative truck purchase transactions included a 2019 Peterbilt 579 purchased for $115,692 by a non-CDL owner of two trucks and two years’ time-in-business; a low mileage 2016 Kenworth T800 purchased for $107,283 by a start-up owner-operator homeowner with a 628 FICO and strong bank statements; and a $108,000 2018 Peterbilt 579 replacement truck for an owner-operator with a 766 FICO who appreciated Maxim’s early payoff option.
“Thanks to our diligent team, we exceeded our expectations during the pandemic and are experiencing strong profitability and record low losses,” said Behzad Kianmahd, Chairman and CEO. “We are well-prepared to withstand the continuing global economic crises but hoping for a return to peace in Europe and beyond.”
About Maxim Commercial Capital
Maxim Commercial Capital helps small and mid-sized business owners seize opportunity by providing financing in amounts from $10,000 to $3,000,000 secured by heavy equipment and real estate. Maxim facilitates equipment purchases, provides working capital, and refinances debt for companies across all industries located nationwide. As a leading provider of transportation equipment finance, Maxim funds up to 75% of the acquisition cost of class 8 and class 6 trucks, trailers and reefers for owner-operators and small businesses. Learn more at www.maximcc.com or by calling 877-776-2946.
Maxim Commercial Capital
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