Maxim Commercial Capital’s Steady Performance in Q3
Maxim Commercial Capital experienced consistent deal flow in the third quarter, navigating industry challenges by providing hard-asset secured financing to small and mid-sized businesses across the country.
Continued Demand for Truck Financing
The Los Angeles-based lender, offering loans and leases ranging from $10,000 to $3 million, noted steady interest in over-the-road truck and trailer financing even as other lenders reduced their activities. Previously, the company reported a staggering 150% increase in funding volume year-over-year in Q1.
Notable Subprime Transactions
In Q3, Maxim funded several subprime transactions, including:
- A $45,000 2020 Kenworth T680 with 528,000 miles for a startup owner-operator with a 621 FICO score;
- A $48,000 2020 Kenworth T680 with 501,000 miles for an experienced operator with a 581 FICO score;
- A $23,000 2020 utility dry van for an existing customer with credit challenges.
Vocational Vehicle Financing
Additionally, the company financed vocational vehicles, including tow and dump trucks, while providing debt consolidation loans secured by heavy machinery and real estate. Key transactions featured a 60% financing plan for a construction firm purchasing a $40,000 Equipter RB4000 and a $106,000 loan for a startup acquiring a 2020 Mack Granite dump truck.
Leadership and Technological Advancements
During the quarter, Maxim also appointed Lyndon Elam as chief operating officer and continued to enhance technology tools aimed at boosting operational performance.
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