Maxim Commercial Capital reported its results for Q3/24, having funded nearly 80% more transactions than during Q3/23. Despite a slow freight market, hurricane damage in the southeast and the upcoming election, Maxim experienced a steady flow of applications from equipment vendors and finance brokers.
“While economic headwinds and other issues are reducing overall demand for financing, many of our competitors have exited the business creating opportunity for Maxim,” Michael Kianmahd, CEO of Maxim, said. “Undoubtedly, the fact that we are a closely held business, unbeholden to a large corporate parent, enables us to adapt quickly to changes in the market for the benefit of our customers. And our team’s commitment to exceptional service is evident by the positive feedback received from customers. We are well-positioned to withstand continued flux and an eventual improvement in the market.”
Maxim funded truck purchases and leases in 32 states during Q3/24. Examples include a $57,000 2020 Freightliner Cascadia 126 with 490K miles for an owner-operator with a 713 FICO for 21% down; a $40,000 2019 Kenworth T680 with 565K miles for a start-up owner operator with challenged credit and a co-applicant with better credit for 30% down; and a $46,000 2020 Freightliner Cascadia with 546K miles for an experienced owner operator with a 608 FICO for 26% down.
Finance brokers also turned to Maxim during the period. Financings included a $59,000, 30-month term loan for a challenged credit contractor in Mississippi to purchase a 2018 CASE 650M LGP Dozer and a 2018 CASE CX130D Crawler Excavator; a $50K, 36-month term loan for a start-up contractor in Texas with a 778 FICO to buy a 2018 Mack XHU613 tri-axle axle dump truck; and a $44K, 30-month term loan for a contractor in Alabama with seven years of experience and a 633 FICO and discharged bankruptcy to buy a 2012 Vermeer 20×22 Series II Directional Drill.
