<PAGE>
                                                                 Exhibit 10.23.2



                               SECOND AMENDMENT TO
                    CREDIT AGREEMENT, FORBEARANCE AND WAIVER


         THIS SECOND AMENDMENT TO CREDIT AGREEMENT, FORBEARANCE AND WAIVER (this
"Agreement") is entered into as of September 7, 1999 among The Maxim Group,
Inc., a Delaware corporation (the "Borrower"), the Domestic Subsidiaries of the
Borrower, as Guarantors, Bank of America, N.A. (formerly NationsBank, N.A.), as
Administrative Agent (in such capacity, the "Administrative Agent") and the
Lenders party thereto. Capitalized terms used herein and not otherwise defined
herein shall have the respective meanings given to them in the Credit Agreement.

                                    RECITALS

         WHEREAS, the Borrower, the Guarantors, the Administrative Agent and the
Lenders are parties to that certain Amended and Restated Credit Agreement dated
as of May 18, 1999 (as amended by that certain First Amendment to Credit
Agreement and Forbearance dated as of July 23, 1999 (the "First Amendment") and
as further amended, modified, supplemented, extended or restated from time to
time, the "Credit Agreement");

         WHEREAS, the following Events of Default exist under the Credit
Agreement (collectively, the "Acknowledged Events of Default"): (1) the Credit
Parties have failed to furnish to the Administrative Agent and the Lenders the
financial statements for fiscal year 1999 which are required by Section 7.1(a)
of the Credit Agreement to be delivered to the Administrative Agent and the
Lenders within 90 days after the close of such fiscal year; (2) the Credit
Parties have failed to furnish to the Administrative Agent and the Lenders the
financial statements as of April 30, 1999 which are required by Section
7.1(b)(i) of the Credit Agreement to be delivered to the Administrative Agent
and the Lenders within 45 days of the close of the fiscal quarter ending April
30, 1999; (3) the Credit Parties have failed to furnish to the Administrative
Agent and the Lenders the financial statements as of the end of May, 1999 which
are required by Section 7.1(b)(ii) of the Credit Agreement to be delivered to
the Administrative Agent and the Lenders within 30 days of the end of such
calendar month; (4) an Executive Officer of the Borrower has failed to deliver
to the Administrative Agent and the Lenders the officer's certificates required
by Section 7.1(c) of the Credit Agreement which are to be delivered with the
financial statements referenced in subclauses (1) and (2) above; (5) the Credit
Parties have failed to furnish to the Administrative Agent and the Lenders a
certificate of the accountants conducting the annual audit of the financial
statements referenced in subclause (1) above which are required by 7.1(f) of the
Credit Agreement to be delivered within 90 days after the close of fiscal year
1999; (6) the field examination with respect to the Borrower's accounts
receivable and inventory failed to demonstrate that the margined value of the
Borrower's accounts receivable and inventory, together with the value attributed
to the Executive Buildings and the amount of cash in the Cash Collateral Account
totaled at least $112,500,000 as required by Section 7.15(b) of the Credit
Agreement; (7) the Borrower has failed to deliver landlord consents satisfactory
to the Administrative Agent within 30 days of the Closing Date as required by
Section 7.15(d)(vii) of the Credit Agreement; (8) the Borrower has failed to
deliver to the Administrative Agent the real estate documentation with respect
to the Executive Buildings required by Section 7.15(e) of the Credit Agreement
within 30 days of the Closing Date as required by Section 7.15(e) of the

<PAGE>


Credit Agreement; and (9) each Credit Party changed its fiscal year after the
Closing Date in violation of Section 8.10 of the Credit Agreement.

         WHEREAS, pursuant to the terms of the First Amendment, the
Administrative Agent and the Lenders agreed to forbear from exercising their
rights and remedies arising from the Acknowledged Events of Default until
September 24, 1999 (the "Forbearance Termination Date") and to continue to make
available to the Borrower the Loans provided under the Credit Agreement;

         WHEREAS, the Borrower has requested that the Administrative Agent and
the Lenders agree to (i) extend the Forbearance Termination Date until October
15, 1999 (the "New Forbearance Termination Date"), (ii) continue to make
available to the Borrower the Loans provided under the Credit Agreement and
(iii) waive the Event of Default resulting from the failure of the Borrower to
deliver to the Administrative Agent the real estate documentation with respect
to the Executive Buildings required by Section 7.15(e) of the Credit Agreement
within 30 days of the Closing Date as required by Section 7.15(e) of the Credit
Agreement (the "Real Estate Documentation Default"); and

         WHEREAS, the Administrative Agent and the Lenders are, upon and subject
to the terms and conditions specified in this Agreement, willing to (i) forbear
from exercising their rights and remedies arising from the Acknowledged Events
of Default until the New Forbearance Termination Date, (ii) continue to make
available to the Borrower the Loans and (iii) waive the Real Estate
Documentation Default.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

         1. REAFFIRMATION OF EXISTING DEBT. The Credit Parties acknowledge and
confirm that (a) the Borrower's obligation to repay the outstanding principal
amount of the Loans and reimburse the Issuing Lender for any drawing on a Letter
of Credit is unconditional and not subject to any offsets, defenses or
counterclaims, (b) the Administrative Agent, on behalf of the Lenders, has a
valid and enforceable first priority perfected security interest in the
Collateral, (c) the Administrative Agent and the Lenders have performed fully
all of their respective obligations under the Credit Agreement and the other
Credit Documents, and (d) by entering into this Agreement, the Administrative
Agent and the Lenders do not waive or release any term or condition of the
Credit Agreement or any of the other Credit Documents or any of their rights or
remedies under such Credit Documents or applicable law or any of the obligations
of any Credit Party thereunder.

         2. AGREEMENT TO FORBEAR. Subject to the other terms and conditions of
this Agreement, the Administrative Agent and the Lenders agree to forbear
exercising their rights and remedies arising exclusively as a result of the
Acknowledged Events of Default until the New Forbearance Termination Date;
PROVIDED, HOWEVER, that the Administrative Agent and the Lenders shall be free
to exercise any or all of their rights and remedies arising on account of the

                                       2

<PAGE>



Acknowledged Events of Default at any time after the occurrence of a Forbearance
Default (defined below).

         3. FORBEARANCE DEFAULTS. Nothing set forth herein or contemplated
hereby is intended to constitute an agreement by the Administrative Agent or the
Lenders to forbear the exercise of any of the rights and remedies available to
the Administrative Agent and/or the Lenders under the Credit Agreement and the
other Credit Documents (all of which rights and remedies are hereby expressly
reserved by the Administrative Agent and the Lenders) upon and after the
occurrence of a Forbearance Default. For purposes hereof, the term "Forbearance
Default" shall mean the existence or occurrence of any or all of the following:
(a) any Default or Event of Default under the Credit Agreement or any other
Credit Document other than the Acknowledged Events of Default, (b) a breach by
the Credit Parties of any term of this Agreement, (c) any Person shall commence
any suit or other legal proceeding against any Credit Party or any of its assets
to enforce any obligations for Indebtedness of any Credit Party to such Person
or (d) the acceleration of the Subordinated Debt prior to its stated maturity.
The Administrative Agent and the Lenders shall be free to exercise any or all of
their rights and remedies arising on account of any Default or Event of Default
under the Credit Agreement or any other Credit Document upon the earlier of (x)
the occurrence of a Forbearance Default and (y) the New Forbearance Termination
Date. This Agreement is a Credit Document. Furthermore, notwithstanding any term
to the contrary contained in the Credit Agreement or any other Credit Document,
if the Subordinated Debt is accelerated prior to its stated maturity, (i) the
Administrative Agent and the Lenders shall be free to exercise any or all of
their rights and remedies under the Credit Agreement (including, without
limitation, all rights contained in Section 9.2 of the Credit Agreement) or any
other Credit Document and (ii) the Lenders shall not be required to make any
Loans to the Borrower.

         4. WAIVER. The Administrative Agent and the Lenders, by their execution
below, hereby waive the Real Estate Documentation Default. Except for the waiver
contained herein, this Agreement does not modify or effect the obligations of
the Credit Parties to comply fully with all terms, conditions and covenants in
the Credit Documents. This one-time waiver is limited solely to the Real Estate
Documentation Default and shall not be construed to be a (a) waiver of any other
Default or Event of Default (including, without limitation, the other
Acknowledged Events of Default), (b) modification or amendment to the Credit
Agreement, or (c) waiver of any other rights or remedies the Administrative
Agent or any Lender may have under the Credit Agreement or any other Credit
Documents or under applicable law.

         5. REVOLVING LOAN COMMITMENT. The two provisos in Section 2.1(a) of the
Credit Agreement are hereby amended and restated in their entirety to read as
follows:

         PROVIDED, HOWEVER, that (i) the sum of the aggregate amount of
         Revolving Loans outstanding plus the aggregate amount of LOC
         Obligations outstanding plus the aggregate amount of Synthetic Lease
         Obligations outstanding shall not exceed (A) the lesser of (x) the
         Revolving Committed Amount and (y) the Borrowing Base Assets and (B)
         until such time as the Indenture Default is cured or an Acceleration
         Event occurs, $27,500,000; PROVIDED, FURTHER, HOWEVER, that if an
         Acceleration Event occurs, the sum of the aggregate amount of Revolving
         Loans outstanding plus the aggregate amount of LOC Obligations
         outstanding

                                       3
<PAGE>


         plus the aggregate amount of Synthetic Lease Obligations outstanding
         may only exceed $27,500,000 if such excess amount is used to retire the
         Securities and (ii) with respect to each individual Lender, the
         Lender's pro rata share of outstanding Revolving Loans plus such
         Lender's pro rata share of outstanding LOC Obligations plus such
         Lender's pro rata share of the aggregate amount of the outstanding
         Synthetic Lease Obligations shall not exceed such Lender's Revolving
         Loan Commitment Percentage of the Revolving Committed Amount.

         6. RELEASE. The Credit Parties hereby release the Administrative Agent,
the Lenders, and the Administrative Agent's and the Lenders' respective
officers, employees, representatives, agents, counsel and directors from any and
all actions, causes of action, claims, demands, damages and liabilities of
whatever kind or nature, in law or in equity, now known or unknown, suspected or
unsuspected to the extent that any of the foregoing arises from any action or
failure to act on or prior to the date hereof.

         7. CONDITIONS PRECEDENT. The effectiveness of this Agreement is subject
to the satisfaction of each of the following conditions:

                  (a) The Administrative Agent shall have received original
         counterparts of this Agreement duly executed by the Credit Parties, the
         Administrative Agent and the Lenders.

                  (b) The Borrower shall have delivered to the Administrative
         Agent an opinion of counsel to the Credit Parties in form and substance
         satisfactory to the Administrative Agent as to the due authorization,
         execution, delivery and enforceability of this Agreement.

                  (c) The Administrative Agent shall have received such other
         documents and information as it deems reasonably necessary.

         8.       MISCELLANEOUS.

                  (a) The term "Credit Agreement" as used in each of the Credit
         Documents shall hereafter mean the Credit Agreement as amended by this
         Agreement. Except as herein specifically agreed, the Credit Agreement,
         and the obligations of the Credit Parties thereunder and under the
         other Credit Documents, are hereby ratified and confirmed and shall
         remain in full force and effect according to their terms.

                  (b) The Credit Parties hereby represent and warrant as
follows:

                           (i) Each Credit Party has taken all necessary action
         to authorize the execution, delivery and performance of this Agreement.

                           (ii) This Agreement has been duly executed and
         delivered by each Credit Party and constitutes each such Credit Party's
         legal, valid and binding obligations, enforceable in accordance with
         its terms, except as such enforceability may be subject to

                                       4
<PAGE>



         (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or
         transfer, moratorium or similar laws affecting creditors' rights
         generally and (ii) general principles of equity (regardless of whether
         such enforceability is considered in a proceeding at law or in equity).

                           (iii) No consent, approval, authorization or order
         of, or filing, registration or qualification with, any court or
         governmental authority or third party is required in connection with
         the execution, delivery or performance by any Credit Party of this
         Agreement.

                  (c) The Credit Parties hereby represent and warrant to the
         Lenders that (i) the representations and warranties of the Credit
         Parties set forth in Section 6 of the Credit Agreement are true and
         correct as of the date hereof and (ii) other than the Acknowledged
         Events of Default no unwaived event has occurred and is continuing
         which constitutes a Default or an Event of Default.

                  (d) The Guarantors (i) acknowledge and consent to all of the
         terms and conditions of this Agreement, (ii) affirm all of their
         obligations under the Credit Documents and (iii) agree that this
         Agreement and all documents executed in connection herewith do not
         operate to reduce or discharge the Guarantors' obligations under the
         Credit Agreement or the other Credit Documents.

                  (e) This Agreement may be executed in any number of
         counterparts, each of which when so executed and delivered shall be an
         original, but all of which shall constitute one and the same
         instrument. Delivery of an executed counterpart of this Agreement by
         telecopy shall be effective as an original and shall constitute a
         representation that an executed original shall be delivered.

                  (f) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
         PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
         ACCORDANCE WITH THE LAWS OF THE STATE OF GEORGIA.

                  [remainder of page intentionally left blank]

                                       5
<PAGE>



         Each of the parties hereto has caused a counterpart of this Agreement
to be duly executed and delivered as of the date first above written.

BORROWER:                THE MAXIM GROUP, INC., a Delaware
                         corporation

                         By:    /s/ Thomas P. Leahey
                                -------------------------
                         Name:  Thomas P. Leahey
                                -------------------------
                         Title: EVP Finance
                                -------------------------


GUARANTORS:              CARPETMAX, L.P., a Georgia limited partnership

                         By:  The Maxim Group, Inc. as its sole general partner


                         By:    /s/ Thomas P. Leahey
                                -------------------------
                         Name:  Thomas P. Leahey
                                -------------------------
                         Title: EVP Finance
                                -------------------------

                              [SIGNATURES CONTINUE]


<PAGE>


                         BAILEY & ROBERTS CARPETMAX OF TENNESSEE,
                         INC., a Tennessee corporation
                         C & S TEXTILES, INC., an Idaho corporation
                         CARPETMAX OF UTAH, INC., a Utah corporation
                         CARPETMAX RETAIL STORES, INC., a Delaware
                         corporation
                         CARPETSPLUS OF AMERICA, INC., a Georgia
                         corporation
                         GCO, INC., a Nevada corporation
                         GCO CARPET OUTLET, INC., an Alabama corporation
                         INVESTOR MANAGEMENT, INC., an Alabama corporation
                         MAXIM EQUIPMENT LEASING COMPANY, INC., a
                         Georgia corporation
                         MAXIM RETAIL GROUP, INC., a Georgia corporation
                         MAXIM RETAIL STORES, INC., a Georgia corporation
                         TRI-R OF ORLANDO, INC., a Georgia corporation
                         COLORADO CARPET & RUGS, INC., a Colorado
                         corporation
                         MANASOTA CARPET, INC., a Florida corporation
                         WADSWORTH & OWENS DECORATING CENTER, INC., a
                         Florida corporation

                         By:    /s/ Thomas P. Leahey
                                ------------------------------------
                         Name:  Thomas P. Leahey
                         Title: EVP Finance of each of the foregoing
                                Guarantors


                         BANK OF AMERICA, N.A., individually
                         in its capacity as a Lender, in its
                         capacity as Administrative Agent and
                         in its capacity as Issuing Lender

                         By:    /s/ David H. Dinkins
                                ------------------------------------
                         Name:  David H. Dinkins
                         Title: Vice President