Maxim Commercial Capital funded 927 hard asset-secured loans for small and mid-sized businesses during 2018, a 6.3% increase over the prior year.
The transactions facilitated heavy equipment purchases, refinanced high-cost debt, and funded bridge loans and working capital for business expansion.
“The best part of our job is learning about a prospective borrower’s goals so we can help transform them into reality,” said Michael Kianmahd, executive vice president at Maxim. “The process may involve identifying additional collateral owned by the borrower to backstop a loan, or helping a newly-licensed truck owner-operator figure out how much he can afford in monthly payments on his loan.”
The largest transaction Maxim funded during the year was growth capital for a start-up music licensing company with negligible revenue. The family-owned business had been turned down by multiple banks due to one partner’s tax issues from the sale of an unrelated business. Maxim quickly identified sufficient equity in a New York condominium owned by family members to secure the financing they needed, and successfully funded the loan in a timely manner.
The smaller transactions funded during the year facilitated Class 8 and Class 6 used truck purchases by owner-operators with challenged credit.
Other highlights for Maxim during 2018 included moving to a larger office, expanding the team from 26 to 29 members and launching a new, comprehensive website. These activities will support the company’s continued growth in 2019, its tenth anniversary year.
Maxim provides financing in amounts up to $3 million secured by heavy equipment and real estate, including second and third liens on residential, multifamily and commercial properties. A national leader of used truck financing, Maxim often provides same-day approvals.
The core purpose of a UCC financing statement is to give notice to secured parties, lien creditors, purchasers and other third parties that the secured party identified in the financing statement claims an interest in the collateral described in the... read more
Equipment finance and leasing industry observers know 2018 has been a good year for U.S. business. And the construction industry is no exception. But before taking a closer look at this important segment, it is crucial to understand its scope.... read more