Maxim Commercial Capital Reports Strong Performance During Q1 2022
April 13, 2022Hard-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.
Contact:
Michael Kianmahd
Maxim Commercial Capital
michael@maximcc.com
(213) 984-2727
Alchemy’s Lending Tech Has Come to the Small Business Lending Market: Here’s What You Need to Know
April 7, 2022
“We are the salesforce for embedded finance.”
Timothy Li, CEO of Alchemy, has launched a financing software for both commercial and small business lenders that can automatically approve applicants through an integrated decision engine. The service offers what he calls a “soup to nuts” digital lending platform — offering lines of credit, installment loans, and even loan servicing.
For the past six years, Li has been building a suite of products for those who want to sell financing. He compared his product to what many companies are now offering in the form of Buy Now Pay Later. As his service began to grow, Li realized there was an “extension” of potential with his service.
“[The] extension of this is that some of the small businesses also happened to be small business lenders,” he said.
According to him, he created the service not as an idea of innovation, but to meet a growing demand from his users. “I heard from all of the small business lenders in the New York area,” said Li. “They said ‘Tim, could you augment or come up with a piece of software fully automated for us to use’”?
Although it took some time, Li said this recent announcement is what the lenders that came to him years ago were looking for. “I said well, we’re almost there, give me a year or two to kind of really properly do it right. So that’s what we’ve done.”
In what he refers to as “private labeled” software, Alchemy’s Lending SaaS (or Lending-as-a-Service) allows merchants and lenders alike to operate a fully branded and operational lending platform with a full suite of financial products. Customers range from tattoo removal companies to lenders, to companies that have now grown to become publicly traded.
The ability to literally send Alchemy a JPEG of some branding and marketing and becoming on online lender is as easy as just that. “Anybody can put their label on and have [their lending platform] up and going in a matter of weeks,” said Li.
When speaking about the role ISO’s play alongside his technology, Li didn’t dismiss the value brokers play in the small business lending industry. “The good ol’ ISO model is great,” he said. “It’s great that there is a product like this that can help [merchants] grow and drive their company. But as the new generation comes in, they don’t have time. They might be on their phone for five minutes after they close their store or small business, and these kind of products are out there sitting there for them to apply for on their own time.”
Li hinted that his product is best utilized by merchants who are digitally-native and are looking to have access to data quickly, while being given the time to make a decision regarding the type of financial product best suited to their business.
“[Alchemy] lets them pick what they want to pick based on their own cash flow,” he said. “It’s no longer that there will be a sales process where things aren’t as transparent. The ‘I am not going to tell you who my lender is until I’m paid,’ [thing], you know how the ISO world works. This stuff takes all of that away, and puts it right in the hands of the consumer that needs it.”
When asked if brokers could find any use of this product, Li said that if used right, the value proposition for brokers that use this software is huge.
“Brokers can use our system just like any other lender. If they want to have another way to be able to market to these small businesses, and have them use their products more. It’s essentially HubSpot for financing.”
AltFinanceDaily is Holding Auditions for First Musical
April 1, 2022April Fools 22
deBanked is thrilled to announce that we will be producing our first musical this summer, A Broker’s Life, a fun and witty twist on the life of a broker while still focusing on everyday reality.
Calling all brokers with dance and/or singing experience! Seeking strong male and female dancers with a ballet/modern dance background. At least 2 years of ballet training is a requirement. Training in tap is a plus! Please wear form fitting clothing appropriate for dancing. Ballet, jazz shoes or bare feet is acceptable for the choreography portion of the audition. Tap shoes must be worn when necessary.
For the singing section please prepare your best 16 bars (approximately 30 seconds with sheet music) accompanied by a jazz or contemporary song about funding small businesses that showcases your vocal range.
We are looking to cast roles of brokers, lenders and extras. The lead broker role must be able to dance and sing. The lead will need to perform multiple solo variations along with vocal pieces. Looking for big personalities, with a large stage presence. Lead casting director John Remming, producer Dean Louis and choreographer Larissa Brulato will be viewing and judging all audition tapes.
Please send us an email with a link to your video to info@debanked.com containing the following:
- Video of yourself performing six eight counts of ballet/modern improvisation, incorporate technique in your variation such as grand jeté battement, pirouette and pirouette a la seconde.
- For the tap portion, improvisation for three counts of eight is acceptable.
- Utilize spacial variety, do not remain stationary.
- If you are auditioning for a singing role, audio in video must be clear.
- Facial expressions for the stage are encouraged.
- Your current headshot and resume as PDF attachments.
Email submissions are due by April 25th.
Second call auditions will be held in person with a dress rehearsal. Costumes and makeup artists will be provided upon call time.
Performer at heart? Think this is the role for you? Apply now to become the musical face of AltFinanceDaily!
April Fools!
Five Takeaways from AltFinanceDaily CONNECT MIAMI
March 31, 2022
Among the networking, dealmaking, and new connections made at AltFinanceDaily CONNECT MIAMI last week, conversations were had that touched on the past, present and future of the small business finance space. Those in attendance had all different types of ideas of where and how tomorrow’s deals will be funded.
Below are five takeaways from the industry’s most heavily trafficked event in South Florida this year.
-Networking is still key
In an industry dependent on making connections, events like these hold such a value to anybody looking to close deals. While the internet has taken geographic restrictions out of doing business, shaking hands and conversing in-person still holds true as the most valuable form of communication in both a personal and professional setting.
-Miami won’t replace everywhere else
It seems that the city that once opened its gates to alternative finance has now decided to pivot towards crypto. There’s strong interest in DeFi among those who live and work in Miami, especially the Floridians that attended the event. Several non-Floridian attendees were quick to argue that although the Miami weather and lifestyle is nice for a change of pace, it couldn’t replace their current residences. The idea of a satellite office in the Miami area didn’t sound like a bad thing to anybody, however.
-The disclosure impact is unclear
As disclosure laws pop up all over the country, it seems brokers and funders alike expressed little concern that it would lead to sweeping changes. Whether it’s a matter of awareness or an apathy derived from ongoing rollout delays in larger states, talk about governmental changes prompted little to no commentary.
-Brokers galore
It felt like there were more brokers at AltFinanceDaily CONNECT Miami than at other AltFinanceDaily events in the past. The sponsor showcase rooms on both sides were overflowing with brokers of all different experience levels and backgrounds. Brokers from the Miami area, New York, California, and Texas all said they were there to find new funders to work with. Funders that shared their thoughts said that they felt like this show was the most productive and beneficial one for them because of the amount of brokers in attendance.
-The people wanted more!
The genuine desire to make connections with potential business in a shared experience is real. People were not only making connections for future deals, but catching up with old friends. Many companies that attended the show had after parties that kept the event going after AltFinanceDaily CONNECT had officially concluded. Brokers and funders alike wanted as much opportunity to speak in-person as possible.
AltFinanceDaily Sets Record With Miami Event
March 26, 2022deBanked welcomed nearly 700 attendees in Miami this past Thursday, easily making it the largest AltFinanceDaily CONNECT event in the company’s history. The record registrations put it on par with Broker Fair, the annual conference that takes place in New York City.
More than half of all attendees to AltFinanceDaily CONNECT MIAMI were small business finance brokers.
The mantra heard around the show was that the industry is BACK!
AltFinanceDaily conducted dozens of live interviews on the red carpet, including several with cast members of Equipping The Dream, the industry’s first reality TV show. All interviews will be made available on AltFinanceDaily TV over the course of the week.
We’ll have the full photos and more available as soon as possible! Thank you to everyone who attended, spoke, and sponsored. And stay tuned for more news from AltFinanceDaily. 😎
Welcome to AltFinanceDaily CONNECT MIAMI
March 23, 2022
For those that are registered and in town for AltFinanceDaily CONNECT MIAMI, allow me to welcome you. Here’s what’s going on:
March 23: Start connecting with other attendees via the event mobile app.
March 23 (10:00 AM): Golf at Miami Shores Country Club for those that registered in advance.
March 24 (1:00 PM): Check-in/sponsor showcase opens/event begins at the JW Marriott Marquis in Downtown Miami
March 24 (2:30 PM): Opening Remarks
March 24 (2:40 PM): Panels/speakers kick off
March 24 (6:00 PM): Cocktail reception begins and continues until 8pm
March 24 (8:30 PM+): Private & public after-parties not affiliated with the event
The March 24th full agenda can be viewed here.
What else is happening
- AltFinanceDaily TV will be streaming LIVE from the event. Feel free to approach the crew to potentially be interviewed by AltFinanceDaily TV host Johny Fernandez for the chance to be heard by everyone watching from home or their office. If you’re one of the people not here, goto debanked.com/tv in the afternoon of March 24th.
- Meet the cast of Equipping The Dream, the industry’s first reality show that follows four aspiring brokers at a week-long sales training. Episode 1 can be viewed HERE.
- Network in BOTH of the sponsor showcase rooms.
- Kosher food will be available. Just ask!
Got questions? Email events@debanked.com. Responses will be very slow on event day. You can also flag down a AltFinanceDaily CONNECT team member in person.
Reality TV Loan Broker Shares What Happened After the Show
March 17, 2022
Juan Carlos Marcano’s experience on Equipping the Dream has given his loan brokering career a major jumpstart.In a chat with Juan Carlos Marcano this week, the Equipping The Dream broker who became a fan favorite for his personality and demeanor, it was learned that he’s been up to some interesting stuff since he appeared in AltFinanceDaily’s first reality show. While operating JFK Business Financing in Dallas, Texas, Marcano shared that he is still in cahoots with some of the other participants in the show.
“I closed five deals last week,” said Marcano, when asked about what happened after he left the training office of Everlasting Capital. “After filming the show, I started with Will and Josh,” he said in reference to the two partners of Everlasting Capital. “They sent me leads, and I started closing.”
When asked what the Spanish speaking merchant needs most out of the small business financing industry, and more so Spanish speaking brokers like him, Marcano spoke about how these merchants just need service above all else. He spoke about how because of the language barrier, many of these merchants don’t have access to the same type of capital as an english-speaking business because there are not many people out there to go ask for it in their language.
Marcano awaited the final results of the one-week training competition at Everlasting Capital while wearing the flag of Venezuela as a cape, his native country.When asked if he is working exclusively with the brokerage from the show or if has future plans to expand his business, Juan spoke like a true broker. “I’m open to hearing from other funders and brokers about doing more deals,” he said.
“I will use the leads I get from [Everlasting] to help build my business in that industry,” said Marcano. “I’m starting to get better and better. When I get my cash flow going on and up, I’m setting a plan with a strategy to build my own details. I just need to get better with my website, social media, everything here is marketing.”
He said one major advantage of being a small shop is the potential he has as a broker in where he can live and do business. Currently a Dallas resident, Marcano sees a future in multiple cities. “I want to open up businesses in Miami,” he said, “but as I think about it, I’d like to open up a business in New York too.”
When asked about how he will compete with big tech’s emergence into small business lending, Marcano highlighted customer service and personality are the key to success for companies like his.
“For me, it’s all about providing great service. It’s all about five star service.”
You can meet Marcano at AltFinanceDaily Connect Miami on March 24, where he alongside the cast of Equipping the Dream will be in attendance.
AltFinanceDaily CONNECT MIAMI is SOLD OUT
March 15, 2022
Update: The AltFinanceDaily events team is now en route to the location.
Tickets to AltFinanceDaily Connect Miami have officially sold out.
The incredible demand led to more registrations than any previous AltFinanceDaily CONNECT event in history.
“People want to network in person, they want to learn about what’s going on in the business around them,” said AltFinanceDaily president Sean Murray. “But this one has surpassed all of our expectations.”
The March 24th event at the JW Marriott Marquis will be AltFinanceDaily’s 4th time in Miami since 2018. Attendees of the small-business finance-focused event can expect to connect with brokers, lenders, funders, venders, lead generators, collectors, lawyers, investors, software providers, and more.
Tickets and sponsorships are no longer available. If you are already registered and have questions, email events@debanked.com.
