Agency lenders
Merchants Capital
Merchants Capital is a bank-backed agency lender and tax credit equity syndicator serving multifamily sponsors and investors, with a focus on market-rate and affordable housing. Through its affiliation with Merchants Bank it offers construction, bridge and permanent debt and can pair affordable debt with tax credit equity, and it describes itself as the only agency lender that acquired a bank.
The product set runs across bank financing, agency financing, tax credit equity, loan servicing and investment advisory. The firm says it is nationally ranked in HUD/FHA, Freddie Mac, Fannie Mae and balance sheet financing, and originates and services loans for HUD/FHA, Fannie Mae, Freddie Mac and Rural Development. Its syndication arm executes LIHTC, historic and state tax credit deals, loans are serviced in-house, and its registered investment adviser, Merchants Investment Partners, adds lending capacity beyond the bank's balance sheet.
The business was established in 1990 as PR Mortgage & Investments, a mortgage banking firm specialising in multifamily finance, and later rebranded as Merchants Capital Corp. It acquired Greensfork Township State Bank in 2002, since renamed Merchants Bank, and Merchants Bancorp completed an initial public offering in 2017. The company reports activity in 47 states and U.S. territories, more than $50 billion originated to date and $30 billion of assets under management as of 12/31/2025, and it has since opened offices in New York City, Minneapolis-Saint Paul, Washington, D.C. and Boston. Headquarters are at 410 Monon Blvd., Carmel, Indiana.
The site's case studies and news are almost entirely multifamily and affordable housing; manufactured housing communities are not discussed on the pages crawled. Loan minimums, pricing and manufactured housing eligibility should be confirmed with the firm directly.
Best for
Multifamily and affordable housing sponsors who want agency execution with a balance-sheet bank and tax credit equity from the same house. Confirm eligibility first if the asset is a manufactured housing community.
What they do
- Fannie Mae multifamily financing
- Freddie Mac multifamily financing
- HUD/FHA financing
- Rural Development loans
- Bank construction, bridge and permanent debt
- LIHTC equity syndication
- Historic and state tax credit equity
- In-house loan servicing
- Investment advisory through Merchants Investment Partners
- Asset management for investor partners
Details
| Attribute | Value |
|---|---|
| Founded | 1990 |
| Other offices | Boston, MA, Chicago, IL, New York, NY, Saint Paul, MN, Washington, DC |
| Lender type | Agency, Bank |
What stands out
- Reports activity in 47 states and U.S. territories, with more than $50 billion originated to date.
- Reports $30 billion of assets under management as of 12/31/2025.
- Established in 1990 as a mortgage banking firm and acquired a bank in 2002, now Merchants Bank.
- Merchants Bancorp closed its initial public offering in 2017.
- Offices listed in Carmel, Boston, Chicago, New York, Saint Paul and Washington, D.C.