Maxim Commercial Capital reported growth during 2024, continuing a multi-year trend. The hard asset secured lender reported a 25% increase in funded deals during the year as compared to 2023.
“Our team stepped up to fill an increasing capital void for small businesses in 2024,” Michael Kianmahd, CEO of Maxim, said. “Our consistent delivery and flexible terms have earned Maxim a strong reputation over the past 16 years among our customers and referral partners.”
Class 8 truck financings during the year comprised loans and leases for experienced and startup owner operators in 41 states across the United States. New borrowers included: an experienced owner operator with challenged credit who purchased a 2019 Kenworth T680 with 539K miles for $38,135 with 22% down and the help of a co-applicant; a startup owner operator with a limited credit history and 642 FICO who purchased a 2019 Kenworth T680 with 472K miles for $39,248 with 25% down; and a startup owner operator with bad credit who purchased a 2020 Peterbilt 579 with 424K miles for $55,047 with 27% down.
Notable heavy equipment financings during the year included 100% purchase financing for a small car hauling business to buy a 2020 Freightliner M2 4-Car Carrier for $105,000. Maxim secured a second lien on the borrowers’ home as additional collateral in lieu of a down payment, helping the company preserve cash. A startup entrepreneur purchased a 2015 Freightliner 114SD, his first dump truck, for 36% down on the $109,000 invoice; and a subcontractor with 35 years of experience replaced an older compact track loader by leasing a 2023 New Holland C337 priced at $83,760 from Maxim.
Maxim also provided essential working capital for small businesses through structured real estate-secured, cash-out financings. New borrowers funded in 2024 include the owner of a virtual platform offering on-demand exercise and meditation classes who borrowed $200,000 in growth capital secured by a second lien position on her home; and, experienced restaurateurs in New York City who borrowed $410,000, secured by a 1st lien against a family residence, to pay off MCA debt held by five lenders, make property improvements, and expand the business’s catering services.
