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Maxim Commercial Capital Reports Robust 2022 Results

Posted 01/17/2023

Maxim Commercial Capital (“Maxim”) announced robust results for 2022, with increased originations each successive quarter. The hard asset secured lender and lessor launched a new credit tier program for truck financings that has proven popular among truck vendors and finance brokers. Maxim provides loans and leases from $10,000 to $3 million secured by class 8 trucks, heavy equipment and real estate for business owners across the nation. It funded purchase financings, equipment leases, working capital, and debt consolidations for customers located in 37 states during 2022.

“We revised our Truck Financing Program to provide customers who have better credit with more favorable terms than our traditional, subprime customers receive,” said Ryan Selway, Director of Vendor Sales. “The program’s strong reception from vendors and brokers quickly increased our transaction volume to better credits to 48% of aggregate originations.”

Recent truck loans under the new program included 80% purchase financing for an experienced owner-operator with a 734 FICO to buy a $69,000 2015 Peterbilt 579 with 515k miles, and 67% purchase financing for a non-CDL start up business owner to buy a $51,000 2016 Freightliner Cascadia with 488k miles. A start-up owner-operator and homeowner with a 653 FICO leased a $80,000 2018 Kenworth T880 with 488K miles with minimal cap reduction under the program.

Maxim’s heavy equipment and real estate secured financings during the year ranged from $20,000 to $2 million. The $2 million transaction enabled a repeat client with a perfect pay history to expand its assisted living and hospice-care business by purchasing a $3.2 million facility in Malibu. Other originations included $57,000 in purchase financing for a 4-year-old towing company to add a 2019 MV607 Rollback tow truck, and $340,000 in cash out financing secured by first liens on the borrower’s residence, a rental home and business FF&E for an environmental consulting business to consolidate debt and expand its business.

“We continued investing in our systems and team during 2022 in anticipation of filling a growing gap in small business financing in 2023,” said Michael Kianmahd, Executive Vice President. “The ongoing economic slowdown on the back of interest rate increases and market volatility is causing lenders to tighten their credit windows, translating into favorable conditions for our asset based loan and leasing programs.

About Maxim Commercial Capital

Maxim Commercial Capital helps small and mid-sized business owners nationwide by providing loans and leases (“financing”) from $10,000 to $3 million secured by class 8 trucks, heavy equipment and real estate. It funds purchase financings, equipment leases, working capital, and debt consolidations. Maxim’s more creative financing structures leverage equity in real estate and owned heavy equipment to facilitate growth and preserve customers’ cash. As a leading provider of transportation equipment financing, Maxim supports start-up and experienced owner-operators and non-CDL small fleet owners by funding loans and leases for class 8 and class 6 trucks, trailers and reefers. Learn more at www.maximcc.com or by calling 877-776-2946.

 

Related Resource: https://www.maximcc.com/
Author:
Michael Kianmahd
Organization:
Maxim Commercial Capital
Phone Number:
(213) 984-2727