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Multifamily record
Merchants Bank, National Association: multifamily loans made
Merchants Bank, National Association, a bank based in Winona, MN, made 33 multifamily loans in 2024 and 2025, $40.7M in all, in 2 states. The typical loan was about $460K, and the largest about $9.5M. Most were in La Crosse County, WI.
- Evidence
- Multifamily loans made in 2024 and 2025, HMDA
- Data as of
- HMDA 2025
- Page last changed
- November 9, 2026
- Multifamily loans
- 33
- HMDA,
- 2024 and 2025. Manufactured-home parks excluded
- Dollars
- $40.7M
- HMDA,
- Rounded amounts
- Typical loan
- $460K
- HMDA,
- Largest loan
- $9.5M
- HMDA,
- Rounded to 2 significant figures
- States
- 2
- HMDA,
Cite this
Source: The Lender Report, Merchants Bank, National Association: multifamily loans made, https://lender.report/lender/merchants-bank-mn/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 | Nicollet County, MN | Purchase, 50 to 99 units | $9.5M | 7% | 7 yr | 83% | HMDA 2025 |
| 2025 | Olmsted County, MN | Purchase, 50 to 99 units | $4.5M | 6.75% | 5 yr | 80% | HMDA 2025 |
| 2025 | Rice County, MN | Purchase, 25 to 49 units | $2M | 6.95% | 10 yr | 80% | HMDA 2025 |
| 2025 | Douglas County, MN | Purchase, 25 to 49 units | $1.6M | 6.59% | 10 yr | 75% | HMDA 2025 |
| 2025 | McLeod County, MN | Purchase, 5 to 24 units | $1.6M | 7% | 3 yr | 80% | HMDA 2025 |
| 2025 | Goodhue County, MN | Purchase, 25 to 49 units | $1.4M | 6.5% | 7 yr | 80% | HMDA 2025 |
| 2025 | Goodhue County, MN | Purchase, 5 to 24 units | $1.3M | 6.39% | 5 yr | 75% | HMDA 2025 |
| 2025 | La Crosse-Onalaska, WI-MN | Refinance, 5 to 24 units | $560K | 6.95% | 5 yr | 75% | HMDA 2025 |
| 2025 | Dunn County, WI | Purchase, 5 to 24 units | $540K | 7.1% | 5 yr | 75% | HMDA 2025 |
| 2025 | Rice County, MN | Purchase, 5 to 24 units | $460K | 7% | 10 yr | 86% | HMDA 2025 |
| 2025 | Douglas County, WI | Refinance, 5 to 24 units | $440K | 8.5% | 1 yr | 78% | HMDA 2025 |
| 2025 | La Crosse County, WI | Purchase, 5 to 24 units | $400K | 7.5% | 1 yr | 15% | HMDA 2025 |
| 2025 | Dakota County, MN | Refinance, 5 to 24 units | $360K | 7.09% | 5 yr | 64% | HMDA 2025 |
| 2025 | La Crosse County, WI | Improvement, 5 to 24 units | $340K | 6.9% | 5 yr | 75% | HMDA 2025 |
| 2025 | La Crosse County, WI | Improvement, 5 to 24 units | $280K | 7.5% | 5 yr | 74% | HMDA 2025 |
| 2025 | Dakota County, MN | Purchase, 5 to 24 units | $220K | 6.39% | 5 yr | 77% | HMDA 2025 |
| 2025 | Winona County, MN | Refinance, 5 to 24 units | $220K | 8.45% | 5 yr | 44% | HMDA 2025 |
| 2025 | Chippewa County, WI | Refinance, 5 to 24 units | $180K | 7.1% | 5 yr | 54% | HMDA 2025 |
| 2025 | La Crosse-Onalaska, WI-MN | Refinance, 5 to 24 units | $65K | 8% | 5 yr | 80% | HMDA 2025 |
| 2024 | Olmsted County, MN | Purchase, 50 to 99 units | $8M | 3.7% | 17 yr | 45% | HMDA 2024 |
| 2024 | St. Croix County, WI | Purchase, 5 to 24 units | $1.4M | 7% | 10 yr | 27% | HMDA 2024 |
| 2024 | Minnesota | Purchase, 5 to 24 units | $1.2M | 7% | 10 yr | 75% | HMDA 2024 |
| 2024 | Sauk County, WI | Purchase, 150 or more units | $860K | 7.75% | 1 yr | 75% | HMDA 2024 |
| 2024 | Olmsted County, MN | Purchase, 50 to 99 units | $820K | 3.7% | 20 yr | 45% | HMDA 2024 |
| 2024 | Olmsted County, MN | Purchase, 5 to 24 units | $640K | 8% | 5 yr | 80% | HMDA 2024 |
| 33 multifamily loans made in 2024 and 2025 | $40.7M | HMDA 2024 and 2025 | |||||
A blank means the source did not report it.
| Place | As named | Loans | Dollars |
|---|---|---|---|
| La Crosse County, WI | County | 4 | $1.22M |
| Olmsted County, MN | County | 4 | $14.0M |
| Winona County, MN | County | 3 | $500K |
| Dakota County, MN | County | 2 | $580K |
| Dunn County, WI | County | 2 | $605K |
| Goodhue County, MN | County | 2 | $2.70M |
| La Crosse-Onalaska, WI-MN | Metro area | 2 | $625K |
| Rice County, MN | County | 2 | $2.46M |
| Sauk County, WI | County | 2 | $1.42M |
| Anoka County, MN | County | 1 | $440K |
| Becker County, MN | County | 1 | $160K |
| Chippewa County, WI | County | 1 | $180K |
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 | 23 | $8.21M |
| $1M to $2.5M | 7 | $10.5M |
| $2.5M to $5M | 1 | $4.50M |
| $5M to $10M | 2 | $17.5M |
| $10M or more | 0 | $0 |
| Year | Loans | Dollars | Typical loan |
|---|---|---|---|
| 2024 | 14 | $14.7M | $560K |
| 2025 | 19 | $26.0M | $460K |
| Purpose | Loans |
|---|---|
| Purchase | 19 |
| Refinance | 8 |
| Improvement | 6 |
| Units | Loans |
|---|---|
| 5 to 24 units | 21 |
| 25 to 49 units | 6 |
| 50 to 99 units | 4 |
| 150 or more units | 2 |
- Merchants Bank, National Association made 33 multifamily loans totaling $40.7M in 2024 and 2025, in 19 named places across 2 states. HMDA,
- It made 19 of them in 2025 and 14 in 2024. HMDA,
- The typical loan was about $460K, with the middle half between $220K and $1.3M. HMDA,
- The largest was about $9.5M. Every amount is rounded to 2 significant figures. HMDA,
- 23 loans were under $1M, and 2 were $5M or more. HMDA,
- It reported a median rate of 7.09% on 33 loans, with the middle half between 6.95% and 7.99%. HMDA,
- The median term was 5 years. HMDA,
- The median loan to value was 75%. HMDA,
- 24% of the loans were refinancings and 58% were purchases. HMDA,
- The most common property size was 5 to 24 units, with 21 loans. HMDA,
- Its loans were most often in La Crosse County, WI (4), Olmsted County, MN (4) and Winona County, MN (3). HMDA,
What we don't know
- Whether Merchants Bank, National Association 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.