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Multifamily record
First Merchants Bank: multifamily loans made
First Merchants Bank, a bank based in Muncie, IN, made 184 multifamily loans in 2024 and 2025, $874.2M in all, in 10 states. The typical loan was about $640K, and the largest about $59M. Most were in Wayne County, MI.
- Evidence
- Multifamily loans made in 2024 and 2025, HMDA
- Data as of
- HMDA 2025
- Page last changed
- November 11, 2026
- Multifamily loans
- 184
- HMDA,
- 2024 and 2025. Manufactured-home parks excluded
- Dollars
- $874M
- HMDA,
- Rounded amounts
- Typical loan
- $640K
- HMDA,
- Largest loan
- $59M
- HMDA,
- Rounded to 2 significant figures
- States
- 10
- HMDA,
Cite this
Source: The Lender Report, First Merchants Bank: multifamily loans made, https://lender.report/lender/first-merchants-bank-in/multifamily/, data as of December 31, 2025.
The loans, newest first
Banks report no loan-level data for office, retail, industrial or construction loans. This list shows only multifamily and SBA loans.
| Period | Place | Loan | Amount | Rate | Term | LTV | Source |
|---|---|---|---|---|---|---|---|
| 2025 | Franklin County, OH | Purchase, 150 or more units | $59M | 6.82% | 8 yr | 66% | HMDA 2025 |
| 2025 | Fayette County, KY | Purchase, 150 or more units | $47M | 6.21% | 5 yr | 65% | HMDA 2025 |
| 2025 | Hamilton County, IN | Purchase, 150 or more units | $42M | 7.11% | 5 yr | 49% | HMDA 2025 |
| 2025 | Tippecanoe County, IN | Purchase, 150 or more units | $40M | 7.07% | 5 yr | 60% | HMDA 2025 |
| 2025 | Montgomery County, OH | Purchase, 150 or more units | $38M | 7.32% | 5 yr | 58% | HMDA 2025 |
| 2025 | Hancock County, OH | Purchase, 150 or more units | $34M | 6.48% | 5 yr | 58% | HMDA 2025 |
| 2025 | Miami County, OH | Purchase, 150 or more units | $24M | 7.14% | 5 yr | 58% | HMDA 2025 |
| 2025 | Saginaw County, MI | Purchase, 150 or more units | $14M | 6.82% | 3 yr | 66% | HMDA 2025 |
| 2025 | Marion County, IN | Refinance, 150 or more units | $13M | 5.1% | 3 yr | 54% | HMDA 2025 |
| 2025 | Porter County, IN | Purchase, 150 or more units | $13M | 6.6% | 3 yr | 51% | HMDA 2025 |
| 2025 | Berkeley County, SC | Refinance, 100 to 149 units | $12M | 6.98% | 0.3 yr | 69% | HMDA 2025 |
| 2025 | Berkeley County, SC | Refinance, 100 to 149 units | $12M | 7.39% | 0.1 yr | 70% | HMDA 2025 |
| 2025 | Wayne County, MI | Purchase, 100 to 149 units | $7.4M | 6.53% | 5 yr | 68% | HMDA 2025 |
| 2025 | Cook County, IL | Refinance, 5 to 24 units | $6.8M | 6.07% | 3 yr | 68% | HMDA 2025 |
| 2025 | Delaware County, IN | Purchase, 100 to 149 units | $6.2M | 6.6% | 1.8 yr | 68% | HMDA 2025 |
| 2025 | Oakland County, MI | Purchase, 50 to 99 units | $5.6M | 6.53% | 5 yr | 65% | HMDA 2025 |
| 2025 | Cook County, IL | Purchase, 50 to 99 units | $5.3M | 6.82% | 5 yr | 58% | HMDA 2025 |
| 2025 | Washtenaw County, MI | Refinance, 5 to 24 units | $5M | 6.1% | 5 yr | 71% | HMDA 2025 |
| 2025 | Elkhart County, IN | Improvement, 150 or more units | $4M | 6.5% | 4 yr | 53% | HMDA 2025 |
| 2025 | Washtenaw County, MI | Refinance, 5 to 24 units | $3.8M | 5.35% | 0.5 yr | 62% | HMDA 2025 |
| 2025 | Washtenaw County, MI | Refinance, 5 to 24 units | $3.2M | 5.35% | 0.9 yr | 55% | HMDA 2025 |
| 2025 | Oakland County, MI | Purchase, 25 to 49 units | $2.9M | 6.5% | 5 yr | 74% | HMDA 2025 |
| 2025 | Madison County, IN | Cash-out refinance, 25 to 49 units | $2.8M | 6.15% | 5 yr | 65% | HMDA 2025 |
| 2025 | Delaware County, IN | Refinance, 25 to 49 units | $2.7M | 5.99% | 10 yr | 34% | HMDA 2025 |
| 2025 | Delaware County, IN | Purchase, 50 to 99 units | $2.6M | 6.33% | 5 yr | 67% | HMDA 2025 |
| 184 multifamily loans made in 2024 and 2025 | $874M | HMDA 2024 and 2025 | |||||
A blank means the source did not report it.
| Place | As named | Loans | Dollars |
|---|---|---|---|
| Wayne County, MI | County | 20 | $20.2M |
| Cook County, IL | County | 16 | $26.6M |
| Madison County, IN | County | 13 | $8.01M |
| Delaware County, IN | County | 12 | $15.6M |
| Marion County, IN | County | 10 | $29.7M |
| Franklin County, OH | County | 9 | $70.1M |
| Shelby County, IN | County | 9 | $1.41M |
| Indiana | State | 8 | $3.98M |
| Oakland County, MI | County | 8 | $19.4M |
| Washtenaw County, MI | County | 8 | $17.7M |
| Tippecanoe County, IN | County | 7 | $54.9M |
| Allen County, IN | County | 5 | $2.68M |
A county is named only where the public file holds 5 or more multifamily loans there in the year; otherwise the metro area or the state is.
| Loan size | Loans | Dollars |
|---|---|---|
| Under $1M | 116 | $49.3M |
| $1M to $2.5M | 25 | $40.1M |
| $2.5M to $5M | 11 | $33.5M |
| $5M to $10M | 9 | $55.3M |
| $10M or more | 23 | $696M |
| Year | Loans | Dollars | Typical loan |
|---|---|---|---|
| 2024 | 78 | $414M | $640K |
| 2025 | 106 | $461M | $720K |
| Purpose | Loans |
|---|---|
| Purchase | 81 |
| Refinance | 60 |
| Cash-out refinance | 39 |
| Improvement | 4 |
| Units | Loans |
|---|---|
| 5 to 24 units | 125 |
| 25 to 49 units | 24 |
| 50 to 99 units | 8 |
| 100 to 149 units | 5 |
| 150 or more units | 22 |
- First Merchants Bank made 184 multifamily loans totaling $874.2M in 2024 and 2025, in 48 named places across 10 states. HMDA,
- It made 106 of them in 2025 and 78 in 2024. HMDA,
- The typical loan was about $640K, with the middle half between $300K and $2.3M. HMDA,
- The largest was about $59M. Every amount is rounded to 2 significant figures. HMDA,
- 116 loans were under $1M, and 32 were $5M or more. HMDA,
- It reported a median rate of 7.12% on 184 loans, with the middle half between 6.59% and 7.82%. HMDA,
- The median term was 5 years. HMDA,
- The median loan to value was 63%. HMDA,
- 54% of the loans were refinancings and 44% were purchases. HMDA,
- The most common property size was 5 to 24 units, with 125 loans. HMDA,
- Its loans were most often in Wayne County, MI (20), Cook County, IL (16) and Madison County, IN (13). HMDA,
What we don't know
- Whether First Merchants Bank is taking new multifamily loans today.
- Its minimum or maximum loan, its fees and its other terms. HMDA reports the rate, term and loan to value, and this page shows what it reports.
- Loans on office, retail, industrial or hotel property. HMDA covers dwelling-secured loans only.
Place is a county only where the public file holds 5 or more multifamily loans of that year there, otherwise the metro area or the state. Amounts are rounded to 2 significant figures and HMDA has a year, never a date.
HMDA covers dwelling-secured loans. Manufactured-home parks are left out of every count.
Source and date appear beside each figure. Banks report balances, not loans made. Loans made come only from HMDA and SBA files. We do not audit filings and can make errors joining them. Report a problem
Figures come from public records and show the source and date beside them. Public records can be late, incomplete or wrong. A past loan does not mean a lender will make the same kind of loan today. Confirm anything important with the lender.