Metro area · IN
Lenders in Indianapolis, IN
91 lenders made 395 multifamily loans in the Indianapolis-Carmel-Greenwood, IN metro area in 2024 and 2025, $4.3B in all. Merchants Bank of Indiana made the most, with 37. The typical loan was about $2.4M.
- Evidence
- Multifamily loans placed in the metro area, HMDA
- Data as of
- HMDA 2025
- Page last changed
- November 11, 2026
- Lenders on record
- 91
- HMDA,
- Multifamily loans, 2024-25
- 395
- HMDA,
- Manufactured-home parks excluded
- Dollars
- $4.29B
- HMDA,
- Typical loan
- $2.4M
- HMDA,
Cite this
Source: The Lender Report, Lenders in Indianapolis, IN, https://lender.report/lenders-in/indianapolis-in/, data as of December 31, 2025.
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This page lists who has made multifamily loans here. Loan Comps shows who has made a loan like yours, with the loans to prove it.
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| Lender | Kind | Based in | Loans | Dollars | 2025 loans | 2024 loans |
|---|---|---|---|---|---|---|
| Merchants Bank of Indiana multifamily record | Bank | Carmel, IN | 37 | $754M | 10 | 27 |
| First Merchants Bank multifamily record | Bank | Muncie, IN | 36 | $82.5M | 21 | 15 |
| Indiana University Credit Union multifamily record | Credit union | Bloomington, IN | 20 | $27.4M | 12 | 8 |
| Merchants Capital Corp. multifamily record | Non-bank | Carmel, IN | 19 | $373M | 14 | 5 |
| RF Renovo Management Company, LLC multifamily record | Non-bank | Chicago, IL | 15 | $15.4M | 13 | 2 |
| Stock Yards Bank & Trust Company multifamily record | Bank | Louisville, KY | 14 | $33.6M | 7 | 7 |
| Arbor Realty Trust, Inc. multifamily record | Non-bank | Uniondale, NY | 13 | $177M | 1 | 12 |
| Berkadia Commercial Mortgage multifamily record | Non-bank | Ambler, PA | 12 | $145M | 7 | 5 |
| Walker & Dunlop, LLC multifamily record | Non-bank | Bethesda, MD | 11 | $113M | 4 | 7 |
| Crane Credit Union multifamily record | Credit union | Odon, IN | 11 | $12.7M | 6 | 5 |
| Centier Bank multifamily record | Bank | Whiting, IN | 10 | $166M | 4 | 6 |
| Greystone Servicing Corporation, Inc. multifamily record | Non-bank | Memphis, TN | 9 | $143M | 6 | 3 |
| Lake City Bank multifamily record | Bank | Warsaw, IN | 9 | $78.8M | 5 | 4 |
| M&T Realty Capital Corporation multifamily record | Non-bank | Buffalo, NY | 8 | $187M | 4 | 4 |
| Old National Bank multifamily record | Bank | Evansville, IN | 8 | $4.80M | 5 | 3 |
| County | Loans | Dollars | Lenders |
|---|---|---|---|
| Marion County, IN | 212 | $2.52B | 67 |
| Hamilton County, IN | 37 | $678M | 21 |
| Madison County, IN | 34 | $76.3M | 13 |
| Hancock County, IN | 20 | $186M | 11 |
| Hendricks County, IN | 20 | $121M | 14 |
| Boone County, IN | 19 | $226M | 12 |
| Johnson County, IN | 16 | $308M | 12 |
| Shelby County, IN | 13 | $17.1M | 5 |
| Morgan County, IN | 4 | $3.52M | 3 |
A county is listed for a year only when the public file holds 5 or more multifamily loans there that year.
| Loan size | Loans |
|---|---|
| Under $1M | 141 |
| $1M to $2.5M | 57 |
| $2.5M to $5M | 39 |
| $5M to $10M | 40 |
| $10M or more | 118 |
- Lenders made 395 multifamily loans totaling $4.3B in Indianapolis, IN in 2024 and 2025. HMDA,
- 5 of these loans were made by lenders that have since merged or closed. They are counted in the totals here and appear in no lender's row. HMDA,
- 192 of the loans were made in 2025 and 203 in 2024. HMDA,
- The typical loan in Indianapolis, IN was about $2.4M, with the middle half between $600K and $13M. HMDA,
- 141 of the loans were under $1M, and 158 were $5M or more. HMDA,
- Lenders reported a median rate of 7.00% on 320 loans in Indianapolis, IN, with the middle half between 6.25% and 7.50%. HMDA,
- The median term was 5 years. HMDA,
- The median loan to value was 66%. HMDA,
- 51% of the loans were refinancings and 40% were purchases. HMDA,
- Banks and savings institutions made 216 of the loans, credit unions 43, and non-banks 131. HMDA,
- The five most active lenders made 32.2% of the loans. HMDA,
- The three most active lenders were Merchants Bank of Indiana with 37, First Merchants Bank with 36, and Indiana University Credit Union with 20. HMDA,
- 37 of the 91 lenders are based in Indiana. The rest are based elsewhere, most often in Illinois, Ohio and California. HMDA,
- The most common property size was 5 to 24 units, with 178 loans. HMDA,
- 9 counties in the metro area have loans on record, and Marion County, IN has the most, with 212. HMDA,
How this list is defined
- Measure
- Multifamily loans made in the Indianapolis, IN metro area
- Period
- 2024 and 2025
- Formula
- Count, by lender, of HMDA records for multifamily dwellings of 5 or more units placed in the metro area, manufactured-home parks excluded, for each year in which the public file holds 5 or more such loans there.
- Order
- Largest first by loans recorded in the place, then dollars, then name. Payment is not part of the order.
- As of
- 2025
- Source
- HMDA
- Changelog
- : First published, with the data built on this date.
What we don't know
- Whether any of these lenders is taking new loans today.
- What they charge or require beyond the rate and term that HMDA reports.
- Loans on office, retail, industrial or hotel property. HMDA covers dwelling-secured loans only.
A metro area or county is named for a year only when the public file holds 5 or more multifamily loans there that year, so a small place is never exposed by a count.
HMDA covers dwelling-secured loans. Amounts are the midpoints of $10,000 bands, and each loan has a year, never a date.
Lenders that merged or stopped filing are left out.
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.