Maxim Commercial Capital, a provider of loans and leases from $10,000 to $3 million secured by class 6 and 8 trucks, trailers, heavy equipment and real estate for entrepreneurs nationwide, reported strong results for Q2/24.
“Our asset-secured financing model was designed to fulfill the capital needs of non-bankable borrowers regardless of the economy,” Michael Kianmahd, Maxim’s CEO of Maxim, said. “Our expanded team of nearly 30 professionals together with continual improvements to our credit model and scoring tools enables us to fund deals with confidence for borrowers with challenged credit, as well as those with excellent credit seeking a flexible solution.”
Maxim’s structured finance transactions during Q2/24 included a $410,000, five-year term loan for experienced restaurateurs based in New York, secured by a first lien against a residence owned and occupied by the borrowers’ family. The borrowers used the capital to pay off MCA debt held by five lenders, complete property improvements and expand their catering services.
In another transaction, Maxim funded a $200,000, five-year term loan secured by a second lien on the borrower’s North Carolina primary residence at 57% CLTV. The borrower is using the capital to expand her virtual health-and-wellness platform.
Maxim’s truck financings during Q2/24 included 72% purchase financing for a start-up owner-operator with a 596 FICO and limited credit history to buy his first truck, a 2020 Kenworth T680 with 426K miles, for $49,000 with the help of a guarantor; 76% purchase financing for an experienced owner-operator with a 615 FICO and previously discharged bankruptcy to buy a 2021 Kenworth T680 with 317,000 miles for $52,000; and, 75% financing for an experienced owner-operator with a 538 FICO to buy a 2019 Freightliner Cascadia with 590,000 miles for $40,000.
Maxim’s financings for heavy construction equipment during the period included a $105,000, 42-month term loan for a contractor in Maryland with 12-years of experience to expand his business with a second dump truck, a 2019 Kenworth T880; and a $51,000, 36-month term loan for a start-up contractor in North Carolina with an 800+ FICO to buy a 2014 Mack GU713 quad axle dump truck.
