Banks are known for not financing business owners with bad credit. So, where are such business owners to go? One such avenue that Business owners with bad credit turn to, is Maxim Commercial Capital for the funding they need to expand their operations. They have fast and convenient solutions for funding your heavy equipment purchases, refinancing costly debt, or releasing real estate-tied liquidity.
Maxim's four exclusive services range from truck financing and heavy equipment financing, to real estate financing, and structured financing. Mentioned below are brief explanations of the services:
1. Truck Financing
There is no minimum requirement for this app. FICO finds trucks for investors, business owners, and owner-operators.
2. Heavy Equipment Financing
Heavy equipment is put to work for business owners through Maxim's quick and flexible leases and loans.
3. Real Estate financing
Innovative loan structures convert the under-utilized residential and commercial real estate to generate growth capital.
4. Structured Financing
This includes custom six-to-sixty-month solutions for short-term debt refinancing, turnarounds, and business expansion.
During the Great Recession, Maxim Commercial Capital was established in 2008 to help small and medium-sized business (SMB) owners capitalize on opportunities by providing financial support secured by real estate and heavy equipment.
As the economy improved after the terrible economic downfall, the demand for Maxim Commercial Capital's financing solutions increased.
Maxim Commercial Capital currently assists approximately 1,200 SMB owners per year who either do not qualify for traditional bank financing or favor the flexibility of Maxim Commercial Capital's structured financing solutions.
Many lenders are referred to Maxim Commercial Capital by finance brokers who value their "no-one-size-fits-all" approach to direct lending, whereby Maxim Commercial Capital creates custom plans and packages to suit each borrower's unique needs.
Everything You Need To Know About Truck Financing
Commercial truck financing entails purchasing a truck or a fleet of trucks or vehicles for your own company, such as semi-trucks or dump trucks. It is an excellent method for avoiding unnecessary expenses.
Commercial truck financing enables you to repair, expand, or purchase trucks you may require for logistics, among other things, for your own business. These trucks could be used for various purposes, including product deliveries, warehouse goods transport, and mobile offices. Furthermore, they can be used as mobile restaurants, cafés, or ice cream shops.
As a result, courier, ice, and flower companies frequently use them.
Thus, commercial truck financing enables the business owner to use the truck as an asset, allowing the lender to accept the truck as a valuable item used as security for the loan obtained. You can finance commercial trucks through traditional banks or other companies.
Maxim Commercial Capital is one such company that provides commercial truck financing and a variety of ways to obtain it and a variety of services and convenient payment options, among other things. Let's take a closer look at it.
“Maxim Commercial Capital’s ‘no-one-size-fits-all’ approach creates custom plans and packages to suit each borrower's unique needs”
Truck Financing With Maxim Commercial Capital
Are you a first-time buyer? A non-Commercial Driving License investor? A one-day Commercial Driving License investor? An investor with challenged credit? Maxim Commercial Capital has got you!
And not just that, you can buy any truck you want without worrying about the complications that many other truck financing organizations make you deal with.
You do not have to worry about bad credit, bankruptcy record, no commercial driving license, minimum and optimal credit score requirements, current financial assets, and other icky matters. Maxim Commercial Capital has no such requirements for you to deal with.
You do not require a wonderful credit score, an established company or organization because Maxim Commercial Capital supports startups and gives title loans. Moreover, Maxim Commercial Capital even gives you same-day approvals and has a no tax-return policy, so no more long waiting periods and unnecessary stress.
Maxim Commercial Capital can be relied on for a simple application to the funding process and flexible terms. Maxim Commercial Capital can assist you whether you are an owner-operator or a business owner with a small fleet.
You can apply to Maxim Commercial Capital and get:
- Up to 60 months period
- All the fees financed
- Early payoff after 12 months without penalty
- Up to 75% LTV financed
- An early payoff right after 12 months without any penalty
- ALL fees financed
- An extended warranty
However, Maxim Commercial Capital requires a warranty from the customer on the following list of class 8 truck models:
- Regardless of mileage, 2015 International trucks with N13 engines.
- Trucks from the 2016 model year and trucks that are older with more than 500,000 miles
- Trucks from the 2017 model with over 400,000 miles
- and trucks with 300,000 miles on 2018 model trucks or newer trucks
Heavy Duty Equipment Financing
A low credit score can make it more difficult to borrow money, whether for a car loan, a mortgage, or a bank account. And even if you do qualify, the heaviest equipment financing companies enforce certain limitations or compensations on you. You will almost certainly have to pay increased interest rates to compensate for your high level of default risk.
And this is where Maxim Commercial Capital comes in. As stated above, Maxim Commercial Capital does not have a minimum credit score requirement, so even if you have challenged credit, Maxim Commercial Capital will treat you unbiasedly and give you the best solutions, benefits, and services, such as:
- Up to 65% LTV
- $20,000 – $250,000 funded
- 24 – 60 month term
- Get funding for startups
- No Minimum FICO requirement
- Get early payoffs
Maxim Commercial Capital offers heavy equipment financing for agricultural, vocational, construction, and transportation purposes, depending on your business's nature and the vehicles you want.
Hence, if traditional banks have rejected you, have a low FICO, do not want tax returns, are a startup business, worry about cash down payment, and stress about high rental costs, Maxim Commercial Capital is here for you.
You can reach out to Javier Mendoza and Charles Salanga, who are the Credit Manager and Documentation and Funding Specialists, respectively at Maxim Commercial Capital, at their email addresses and phone numbers mentioned below respectively:
Javier Mendoza: Phone number: (415) 599-2655, Email address: firstname.lastname@example.org
Charles Salanga: Phone number: (213) 204-9365, Email address: email@example.com
“Maxim Commercial Capital even gives you same-day approvals and has a no tax-return policy, so no more long waiting periods and unnecessary stress”
Answers To All The Questions You May Have Related To Maxim Commercial Capital's Truck Financing
What Are Credit Scores, And Does Maxim Commercial Capital Require Them?
Credit scores inform lenders whether or not the person being offered credit or a loan is creditworthy. The score is calculated using personal and business account statements and is typically generated by credit bureaus.
However, Maxim Commercial Capital has a flexible and convenient policy regarding credit scores whereby any investor, owner-operator, or business owner can apply to Maxim Commercial Capital with even a low credit score.
Maxim Commercial Capital does not report to credit bureaus or credit reporting agencies. If Maxim Commercial Capital's customers require references or need additional assistance with any queries they may have, they can contact firstname.lastname@example.org and request their payment history.
How Long Does It Take To Close Transactions For Different Services At Maxim Commercial Capital?
Different services at Maxim Commercial Capital take a lot of time to close transactions. Closing transactions for heavy equipment financing take around three to five business days.
Closing transactions for structured financing, on average, take ten business days from opening the title loan on real estate collateral. Closing transactions for real estate financing takes around ten business days.
Suppose you want to close a bridge loan. In that case, Maxim Commercial Capital will issue a proposal in two to three days and close in about two weeks after receiving the commitment deposit and signed proposal.
What Would Cause Maxim Commercial Capital To Reject A Truck Purchase Application?
Certain conditions or occupations of certain equipment may result in an automatic rejection of a truck purchase application with Maxim Commercial Capital. Maxim automatically rejects borrowers who have any of the following characteristics:
- Have Mercedes-Benz engines have Cat-13 Engines
- Recent repossessions or charge-offs on automobiles
- Open tax liens over $10,000
- Child support arrears
- Current insolvency
- Class 8 trucks with Maxxforce 13 or N13 engines from the 2015 model year and older
- Your truck, trailer, or reefer does not comply with our program guidelines.
- Maxxforce 7 or Maxxforce 9 engines in medium-duty trucks
Everything You Need To Know About Contacting Maxim Commercial Capital
You can find Maxim Commercial Capital at 11620 Wilshire Boulevard, Suite 540, Los Angeles, CA 90025. Suppose you are a current customer with questions regarding your account. In that case, you can contact them throughout their regular business hours.
If you are a Maxim Commercial Capital customer and need help and support with a specific issue, you can contact Maxim Commercial Capital customer service at their toll-free number: 877-776-2946.
They do, however, have a contact form on their website that allows you to email them directly from their website without having to compose a separate email from your account.
All you have to do is insert your Name, email address, subject line, and message to Maxim Commercial Capital. Then you must pass the "I am not a robot" test before you can send your message or query to Maxim Commercial Capital by clicking the "Send Message" button.
Your point of contact may change during and after the loan approval, depending on where you stand in the funding process. Maxim Commercial Capital's support team collaborates closely to ensure a smooth transition from application to financing and post-financing. You can use the following email addresses for truck financing transactions:
- email@example.com – Application Submissions, Approval Contingency Stipulations, Collateral Modifications, and Invoice Modifications
- firstname.lastname@example.org – Document Requests
- email@example.com – After Docs Are Released, GPS Requests, and Funding Requirements
If you want to contact Maxim Commercial Capital to get an early payoff for your loan, you can send your written request to the email address listed ahead. You need to include your NameName, phone number or VIN, and account number in the subject line.
The email address for Payoffs for Truck Loan: firstname.lastname@example.org
And the email address for loans for real estate, structured finance, and heavy equipment is email@example.com. However, you are requested by Maxim Commercial Capital to allow them around 24 hours to respond.
At Maxim Commercial Capital, the application approval may take less than a few hours, and you can get it on the same day. If you have applied before 5 pm pacific time, Maxim Commercial Capital offers approvals for Owner-Operator truck financing on the same date you applied.
When you opt for truck financing with Maxim Commercial Capital, you are presented with two further options: title loan and purchasing. You need to provide Maxim Commercial Capital with the borrower information for the title loan application.
The Borrower Information includes your Full Name, Current Home Address (mandatory), Mobile Phone Number (mandatory), Email address (mandatory), Business Name, Years with CDL, Comments, Truck Information, Year, Make, and Model.
Truck Financing Application
To apply for a Truck Finance Credit Application, you need to provide Maxim Commercial Capital with your personal information and business information, answer a few loan-related and credit questions, give your co-applicant information (if applicable), and provide Maxim Commercial Capital with the authorization.
For the personal information, you will be asked for:
- Your Name – as it appears on your Driver's License (mandatory),
- First Name (mandatory)
- Last Name (mandatory)
- SSN – Social Security Number in 000000000 format
- Date of Birth (mandatory) in the month, day, year format
- Email address (mandatory)
- Residential Address (mandatory) is divided into Address Line 1 and Address Line 2
- ZIP Code
- Phone (mandatory)
- Living Situation (mandatory)
- Years lived at Address (mandatory)
- Previous Address divided into Address Line 1 and Address Line 2
- ZIP Code
- Years at Previous Address
For the Co-applicant Information, if applicable, you need to provide Maxim Capital with the below-mentioned information:
Is There A Co-Applicant?
For Business Information, you need to provide Maxim Commercial Capital with your:
- Business Name
- Address, which is further divided into Address Line 1 and Address Line 2
- ZIP Code
- the percentage of Ownership (mandatory)
- Years in business (mandatory)
Questions About The Loan Type
Maxim Commercial Capital will need you to select from the applicable service you want. There are four options for you to choose from, namely:
1. First Truck Purchase
4. Title Loan
Maxim Commercial Capital needs you to specify the distance you will be covered with the equipment purchase, among others you make. Maxim Commercial Capital requires you to specify your route. You are presented with three options, namely:
3. Long Haul
You will also need to specify the kind of goods that you will be transporting, and for this, you will be given five options to choose from, namely:
1. Dry goods
You can choose as many options as suited to your business.
Maxim Commercial Capital needs you to state the number of years it has been since you acquired a commercial driver's license, which is a requirement when you plan to drive a heavy-duty truck for commercial purposes.
Even Though Maxim Commercial Capital Does Not Hold Any Minimum FICO Score Requirements, Optimal Financial Report, Or Previous Credit Score Requirements, It Requires You To Provide Some Brief Answers.
To See Through Your Credit Situation, Maxim Commercial Capital Asks You Three Questions That Are Concerned With Your Credit Background, Namely:
Has Any Applicant Ever Filed Bankruptcy? (mandatory)
Is Any Applicant A Defendant In Any Legal Action? (mandatory)
Has Any Applicant Ever Had an Item Repossessed? (mandatory)
Maxim Commercial Capital always requires information about your truck (if applicable). Maxim Commercial Capital's customers who own trucks and want to upgrade or add to them need to provide this information.
Because of the mileage and overall performance, newer trucks are more likely to remain in good working order than older trucks. Similarly, they have fewer problems and mechanical issues than older trucks and, as a result, are more likely to pay off faster.
Aside from that, they are easier to sell and are more likely to return a good price that can be utilized for purchasing another asset or vehicle. However, Maxim Commercial Capital may need to know the model of truck you need to purchase so that they can figure out financing for you accordingly.
The information Maxim Commercial Capital wants about your existing trucks (if applicable) is as follows:
I know what truck I want
Maxim Commercial Capital also requires authorization to run a credit check for which they need the following information from you:
- Name (mandatory)
- First Name (mandatory
- Last Name (mandatory)
- Signature (mandatory)
- Date (mandatory)
“Maxim Commercial Capital's support team collaborates closely to ensure a smooth transition from application to financing and post-financing”
Other Services Offered By Maxim Commercial Capital
Real Estate Financing With Maxim Commercial Capital
The term "Real estate financing" is typically used to represent an investor's approach to securing finances for a forthcoming transaction. As the title suggests, this process involves investors obtaining funds from a third party to purchase or renovate a property.
Real estate investors profit from rental income, appreciation, and profits from business activities that rely on the property. Consistent cash flow, tax benefits, passive income, leverage, and diversification are all advantages of investing in real estate.
If you are struggling because of your capital being stuck in real estate, have been unable to find affordable and short MCA and debt Loans, require Bridge Financing, wish to Purchase heavy equipment, need working capital urgently, have been turned down by traditional banks or have a low FICO score; feel free to apply to Maxim Commercial Capital for real estate financing.
Here are the benefits you can avail yourself when you opt for real estate financing with Maxim Commercial Capital:
- Funding ranging from $100,000 to $3,000,000
- Up to 70% combined LTV Up to 70% combined LTV
- Interest-only and custom amortization structures are available
- First, second, and third liens
- six-sixty months term plans
Structured Finance With Maxim Commercial Capital
Structured finance is a branch of finance that manages leverage and risk through financial law. The company's legal restructuring, off-balance-sheet accounting, and financial instruments are all examples of strategies.
If you wish to avail structured finance through Maxim Commercial Capital, there are a range of benefits you can avail, namely:
- Secure funding ranging from $20,000 to $3,000,000
- Real estate and equipment secured financing
- Turnarounds, business expansion, and refinancing
- Bridge Loans from 6 months to 60 months Term Loans - Comprehensive, Customized Solutions
To apply for Structured Finance through Maxim Commercial Capital, there are a few documents that you need to submit, namely:
- The application for structured finance
- Bank account statements for the last three months
- Your financial statement
- Your intentions towards utilizing the received financing
- Your financial statement
- LOC and mortgage Statements
- Proof of Ownership of Business or company
- Your Tax Returns for the last year
- Your business financials from the last two years, along with the YTD interim
- The schedule of your business debt
So here's a Maxim Commercial Capital walkthrough where we discussed everything from Maxim Commercial Capital as a company to its commercial transportation financing, the variety of options available within truck financing, what these options are, their benefits, and estimated funding.
We've also gone over Heavy Equipment Financing, Real Estate Financing, and Structured Financing. This article contains all of the ways you can contact Maxim Commercial Capital, including their location address, email address, phone numbers, specific email addresses for specific queries, and the contact form.
Now that we've given detailed guidance on the required and optional requirements for obtaining commercial transportation financing with Crossroads - including eligibility criteria and getting your application accepted - you can go through the application procedure and get your business back on track with convenience.
Moreover, if you have any other business-specific issues or queries about the nature of your financial record (amongst others) that you believe may affect your application, please get in touch with Maxim Commercial Capital at the numbers listed above to speak with a customer service representative.
We hope that this in-depth walkthrough assists you in finding your ideal financing solutions with Maxim Commercial Capital!