Maxim Commercial Capital reported that the campaign increased in each quarter of 2022 and also introduced a new loan program for truck financing.
Maxim provides loans and leases from $10,000 to $3 million secured on Class 8 auto, heavy equipment and real estate for business owners across the United States. It financed purchases, leases of equipment, investments and debt consolidation for customers in 37 states by 2022.
“We revised our truck financing program to provide customers with better credit on better terms than our traditional, low-income dealers,” said Ryan Selway, director of sales at Maxim Commercial Capital, said. “The strong acceptance of the program from the buyers and the entrepreneurs quickly increased our transactions to more than 48% of the fund bases.”
Recent loans under the new program include 80% purchase financing for an experienced owner with a 734 FICO score to purchase a $69,000 2015 Peterbilt 579 with 515,000 miles and 67% financing for A non-CDL business owner purchases a $51,000 2016 Freightliner Cascadia with 488,000 miles. Additionally, a first-time homeowner with a 653 FICO score leased an $80,000 2018 Kenworth T880 with 488,000 miles and a reduced deductible under the program.
Maxim’s heavy machinery and real estate secured annual financing ranging from $20,000 to $2 million. The $2 million transaction allowed the buyer to regain a comprehensive payment history to expand its assisted living and hospital care business through the purchase of a $3.2 million home in Malibu, CA. Other sources include $57,000 in equity financing for a four-year-old towing company to add a 2019 MV607 Rollback tow truck and $340,000 in cash secured financing to the borrower’s home, an apartment building and the FF&E business for an environmental consulting business. to settle debts and expand his business.
“We continued to invest in our system and team in 2022 with the aim of filling the growing space in small business financing in 2023,” said Michael Kianmahd, senior vice president of Maxim Commercial Capital . “The continued slowdown in the economy on the back of rising interest rates and market volatility has caused lenders to tighten their credit windows, translating into favorable conditions for our asset-based loans and leases.”