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Multifamily record
Merchants Capital Corp.: multifamily loans made
Merchants Capital Corp., a mortgage company based in Carmel, IN, made 187 multifamily loans in 2024 and 2025, $4.6B in all, in 28 states. The typical loan was about $13M, and the largest about $340M. Most were in Marion County, IN.
- Evidence
- Multifamily loans made in 2024 and 2025, HMDA
- Data as of
- HMDA 2025
- Page last changed
- November 11, 2026
- Multifamily loans
- 187
- HMDA,
- 2024 and 2025. Manufactured-home parks excluded
- Dollars
- $4.62B
- HMDA,
- Rounded amounts
- Typical loan
- $13M
- HMDA,
- Largest loan
- $340M
- HMDA,
- Rounded to 2 significant figures
- States
- 28
- HMDA,
Cite this
Source: The Lender Report, Merchants Capital Corp.: multifamily loans made, https://lender.report/lender/merchants-capital-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 | Bronx County, NY | Improvement, 150 or more units | $220M | HMDA 2025 | |||
| 2025 | Bronx County, NY | Purchase, 150 or more units | $220M | HMDA 2025 | |||
| 2025 | New York County, NY | Improvement, 150 or more units | $220M | HMDA 2025 | |||
| 2025 | Bronx County, NY | Refinance, 150 or more units | $200M | HMDA 2025 | |||
| 2025 | Kings County, NY | Improvement, 150 or more units | $140M | HMDA 2025 | |||
| 2025 | District of Columbia, DC | Refinance, 150 or more units | $100M | HMDA 2025 | |||
| 2025 | Bronx County, NY | Improvement, 150 or more units | $83M | HMDA 2025 | |||
| 2025 | New York County, NY | Improvement, 150 or more units | $80M | HMDA 2025 | |||
| 2025 | Marion County, IN | Refinance, 150 or more units | $70M | HMDA 2025 | |||
| 2025 | Contra Costa County, CA | Purchase, 150 or more units | $66M | HMDA 2025 | |||
| 2025 | Ottawa County, MI | Refinance, 150 or more units | $62M | HMDA 2025 | |||
| 2025 | Wood County, OH | Refinance, 150 or more units | $53M | HMDA 2025 | |||
| 2025 | Bexar County, TX | Purchase, 150 or more units | $48M | HMDA 2025 | |||
| 2025 | Wicomico County, MD | Purchase, 150 or more units | $48M | HMDA 2025 | |||
| 2025 | Marion County, IN | Improvement, 150 or more units | $44M | HMDA 2025 | |||
| 2025 | Bexar County, TX | Refinance, 150 or more units | $43M | HMDA 2025 | |||
| 2025 | Lexington County, SC | Refinance, 150 or more units | $43M | HMDA 2025 | |||
| 2025 | Hancock County, IN | Refinance, 150 or more units | $41M | HMDA 2025 | |||
| 2025 | Harris County, TX | Purchase, 150 or more units | $37M | HMDA 2025 | |||
| 2025 | Marion County, IN | Refinance, 150 or more units | $35M | HMDA 2025 | |||
| 2025 | Franklin County, OH | Refinance, 150 or more units | $33M | HMDA 2025 | |||
| 2025 | Maricopa County, AZ | Refinance, 150 or more units | $33M | HMDA 2025 | |||
| 2025 | Hamilton County, IN | Refinance, 150 or more units | $30M | HMDA 2025 | |||
| 2025 | Kings County, NY | Refinance, 100 to 149 units | $27M | HMDA 2025 | |||
| 2025 | Ramsey County, MN | Refinance, 150 or more units | $27M | HMDA 2025 | |||
| 187 multifamily loans made in 2024 and 2025 | $4.62B | HMDA 2024 and 2025 | |||||
A blank means the source did not report it.
| Place | As named | Loans | Dollars |
|---|---|---|---|
| Marion County, IN | County | 11 | $256M |
| Bronx County, NY | County | 9 | $904M |
| New York County, NY | County | 9 | $778M |
| Bexar County, TX | County | 7 | $151M |
| Montgomery County, OH | County | 7 | $81.6M |
| Cook County, IL | County | 6 | $61.7M |
| Allen County, IN | County | 5 | $76.8M |
| Kings County, NY | County | 5 | $341M |
| Harris County, TX | County | 4 | $96.1M |
| Maricopa County, AZ | County | 4 | $42.9M |
| Stark County, OH | County | 4 | $62.3M |
| District of Columbia, DC | County | 3 | $106M |
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 | 4 | $3.08M |
| $1M to $2.5M | 15 | $27.3M |
| $2.5M to $5M | 34 | $122M |
| $5M to $10M | 24 | $172M |
| $10M or more | 110 | $4.29B |
| Year | Loans | Dollars | Typical loan |
|---|---|---|---|
| 2024 | 96 | $1.93B | $12M |
| 2025 | 91 | $2.69B | $14M |
| Purpose | Loans |
|---|---|
| Purchase | 42 |
| Refinance | 119 |
| Improvement | 26 |
| Units | Loans |
|---|---|
| 5 to 24 units | 2 |
| 25 to 49 units | 20 |
| 50 to 99 units | 39 |
| 100 to 149 units | 34 |
| 150 or more units | 92 |
- Merchants Capital Corp. made 187 multifamily loans totaling $4.6B in 2024 and 2025, in 100 named places across 28 states. HMDA,
- It made 91 of them in 2025 and 96 in 2024. HMDA,
- The typical loan was about $13M, with the middle half between $4.3M and $25M. HMDA,
- The largest was about $340M. Every amount is rounded to 2 significant figures. HMDA,
- 4 loans were under $1M, and 134 were $5M or more. HMDA,
- 64% of the loans were refinancings and 22% were purchases. HMDA,
- The most common property size was 150 or more units, with 92 loans. HMDA,
- Its loans were most often in Marion County, IN (11), Bronx County, NY (9) and New York County, NY (9). HMDA,
What we don't know
- Whether Merchants Capital Corp. 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.