Maxim Commercial Capital reports demand for truck, trailer financing
Lender funded multiple subprime transactions
Maxim Commercial Capital maintained steady deal flow in the third quarter despite industry headwinds as it continued to deliver hard-asset secured financing to small and mid-sized businesses nationwide.
The Los Angeles-based lender, which provides loans and leases from $10,000 to $3 million, reported consistent demand for over-the-road truck and trailer financing while other lenders pulled back, according to a Maxim release today. The company previously reported a 150% year-over-year increase in funding volume in Q1.
Maxim funded several subprime transactions in Q3, including:
- A $45,000 2020 Kenworth T680 with 528,000 miles for a startup owner-operator with a 621 FICO;
- A $48,000 2020 Kenworth T680 with 501,000 miles for an experienced operator with a 581 FICO; and
- A $23,000 2020 utility dry van for an existing customer with challenged credit.
The company also financed vocational vehicles such as tow and dump trucks and provided debt consolidation loans secured by heavy equipment and real estate. Transactions included a 60% financing package for a growing construction company purchasing a $40,000 Equipter RB4000 and a $106,000 loan for a startup acquiring a 2020 Mack Granite dump truck.
Maxim also appointed Lyndon Elam as chief operating officer during the quarter and continued developing technology tools aimed at improving operational performance.
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