Maxim Commercial Capital reported nearly 300 percent more funded deals in the second quarter of 2023 than in the prior year’s period, despite broader economic headwinds and rising interest rates. To support this rapid growth, the hard-asset secured lender hired additional team members in credit and collections. Maxim provides 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.

“Fortunately for our customer base, used truck and heavy equipment prices have returned to more reasonable levels over the past few months,” said Behzad Kianmahd, Maxim’s Chairman and CEO. “Concurrently, we expanded our credit matrix to span from better credits to subprime and start up borrowers and lowered down payment requirements. This combination is enabling more borrowers to acquire the heavy equipment and trucks they need to serve clients.”

Truck financings during Q2 2023 included 80 percent purchase financing for an owner-operator with a 651 FICO to buy his first truck, a 2019 Peterbilt 579 with 475,000 miles, for $65,362; 76 percent purchase financing for a start-up owner-operator with a 763 FICO to buy a 2019 Peterbilt 579 with 362,000 miles for $76,054; and, 75 percent financing for an experienced owner-operator with a 541 FICO to buy a 2018 Freightliner Cascadia with 468K miles for $65,000.

Maxim’s Real Estate Financing program continues to prove popular among borrowers who own real estate and need working capital for their businesses or cash out financing to pay down expensive liabilities. Maxim’s solution provides up to 70 percent combined loan-to-value financing structured as 1st, 2nd and 3rd liens, allowing the borrower to continue to benefit from pre-existing, low-cost 1st mortgages.

Real estate secured financings during the quarter included $280,000 in working capital for a start-up business secured by a 2nd lien on a leased single-family home in Venice, CA. The borrower is a successful entrepreneur with multiple income sources whose financing alternatives likely would have diluted shareholder equity. Maxim also funded a $250,000 term loan for a family-owned business secured by a 2nd lien on their personal residence. The funds were used to pay off expensive MCA loans, settle delinquent taxes, and provide additional working capital.

“Our doors are wide open for business, while many other specialty lenders are pulling back from this choppy market,” said Michael Kianmahd, Maxim’s Executive Vice President. “This is made possible by our dedicated, hard-working team and our deep expertise in providing critical financing to our customer segments.”