What Merchants Capital does

Merchants Capital Corp. is a bank-backed, nationally ranked multifamily and affordable housing finance platform operating as a wholly-owned subsidiary of Merchants Bancorp (NASDAQ: MBIN), a publicly traded bank holding company headquartered in Carmel, Indiana. Founded in 1990, the company is the only major agency lender that also owns a commercial bank (Merchants Bank of Indiana, acquired in 2002 as Greensfork Township State Bank), giving it both balance sheet lending capacity and full agency-lender status with Fannie Mae, Freddie Mac, HUD/FHA, and Rural Development.

The platform offers five integrated product lines: bank financing (construction, bridge, and permanent debt on the Merchants Bank balance sheet); agency financing (GSE and FHA-insured loans for market rate and affordable multifamily); tax credit equity syndication (LIHTC, historic, and state tax credits); in-house loan servicing and asset management; and investment advisory services through Merchants Asset Management. Capital markets capabilities have been built into a separate platform — launched in 2020 — that has executed over $5 billion in securitizations, including an active Freddie Mac Q-Series issuance program (93 loans / $2.2B+ since April 2021) and a $1.1B+ healthcare private synthetic securitization with VIUM Capital.

Revenue is generated through transaction-based fees (origination, syndication, underwriting), net interest income on bank-held loans, servicing fees on the $30B AUM portfolio, and asset management fees on the $2.8B tax credit equity platform. The company reaches developers, sponsors, and institutional investors nationwide through five regional debt sales teams and dedicated tax credit equity and capital markets teams, supported by offices in Carmel, NYC, Minneapolis, Chicago, Washington D.C., Boston, Indianapolis, and San Francisco, covering 47 active states and territories. In 2025, Merchants Capital provided more than $7 billion in financing, closed over $700 million in tax credit equity fund investments, and securitized $783 million, with the company operating as part of Merchants Bancorp's $11.1B-asset bank holding company structure.

Name

Merchants Capital

Legal name

Merchants Capital Corp.

Website

https://merchantscapital.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

101–250 employees

Short description

Merchants Capital is a bank-backed, nationally ranked multifamily and affordable housing finance platform — a subsidiary of Merchants Bancorp (NASDAQ: MBIN) — providing agency lending, balance sheet financing, tax credit equity syndication, loan servicing, and investment advisory to developers, sponsors, and institutional investors across 47 U.S. states and territories.

Ownership category

akta.pro rank

Product category

Multifamily and Affordable Housing Finance

NAICS

Commercial Banking (522110), Commercial Banking (52211)

SIC

National Commercial Banks (6021), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Inventory & Warehouse Finance (Warehouse Receipts, Stock Finance) (FSABAHAF)

Keywords

• Multifamily housing finance
• Affordable housing lending
• Tax credit equity syndication
• Agency mortgage lending
• Commercial real estate financing

Headquarters

HQ city

Carmel

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Loan Origination and Financing: Construction, bridge, and permanent debt financing for multifamily and affordable housing. Revenue generated through origination fees, interest income, and loan servicing fees. Paired affordable debt with tax credit equity for comprehensive financing solutions.
2. Tax Credit Equity Syndication: Syndication of low-income housing tax credits (LIHTC), historic tax credits, and state tax credits to institutional investors. Fund investments across multi-investor, proprietary and state credit offerings. Capital raised exceeded $700 million in 2025 alone.
3. Loan Servicing and Asset Management: In-house loan servicing and asset management on behalf of investor partners. Servicing portfolio has grown to over $30 billion in assets under management.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

Merchants Capital is a bank-backed agency lender and tax credit equity syndicator that provides construction, bridge, and permanent debt financing alongside LIHTC, historic, and state tax credit equity for multifamily and affordable housing developers. It complements origination with in-house loan servicing, asset management, and investment advisory services through Merchants Asset Management / Merchants Investment Partners.

Product overview

Merchants Capital operates as a full-service financing provider with a platform-plus-products architecture. The company offers five core financing products: Bank Financing (balance sheet lending), Agency Financing (Fannie Mae, Freddie Mac, HUD/FHA), Tax Credit Equity syndication, Loan Servicing, and Investment Advisory through Merchants Investment Partners. These products are designed to work together, allowing the company to pair affordable debt with tax credit equity and provide end-to-end financing solutions for multifamily and affordable housing developments.

Differentiator

Problem solved

Functional benefit

Brands

• Merchants Asset Management: Investment advisory subsidiary providing additional lending capacity through debt investment vehicles

Products and services

• Bank Financing Construction, bridge, and permanent debt financing provided through Merchants Bank's balance sheet, offering flexible options for multifamily and affordable housing projects. Available to developers, sponsors, and institutional counterparties seeking direct bank-financed capital with rapid decisioning.
• Agency Financing Nationally ranked financing solutions through Fannie Mae, Freddie Mac, HUD/FHA, and Rural Development programs for market rate and affordable multifamily housing. Targets multifamily developers, owners, and sponsors needing GSE or FHA-insured debt with competitive terms.
• Tax Credit Equity Fully integrated tax credit equity syndication platform specializing in Low-Income Housing Tax Credit (LIHTC), Historic Tax Credit (HTC), and state tax credit executions. Available to developers/sponsors seeking equity partners and to institutional investors seeking tax credit investment opportunities.
• Loan Servicing In-house loan servicing and asset management services on behalf of investor partners, providing long-term partnership support for clients. Manages a portfolio of over $30 billion in assets under management for GSE, HUD, and institutional investor clients.
• Investment Advisory Registered investment advisor services through Merchants Investment Partners / Merchants Asset Management, providing additional lending capacity and expanding the product suite beyond the bank's balance sheet. Operates debt investment vehicles, bridge loan funds, and capital markets execution.

Quantifiable outcome

• $50B+ originated to date
• +6 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

14 partnerships are on record, tiered core and minor.

• Ulysses Development GroupcoreStrategic or Co-development Partner · 29 April 2026Development partner for Salt River Flats 2, a 168-unit affordable housing community in Phoenix, Arizona. Project funded through $34.5M tax-exempt bonds, $23.5M federal LIHTC, $2.5M State Housing Trust Funds, with Merchants Capital providing financing alongside US Bank.
• Freddie MaccoreStrategic or Co-development PartnerGovernment-sponsored enterprise relationship for affordable housing lending. Merchants Capital is #3 Optigo Targeted Affordable Housing Lender in 2025 and among most active Freddie Mac Q-Series issuers with $2.2B+ in securitizations.
• Fannie MaecoreStrategic or Co-development PartnerGovernment-sponsored enterprise relationship. Merchants Capital ranked #5 Producers for Multifamily Affordable Housing in 2025.
• HUD/FHAcoreStrategic or Co-development PartnerFederal housing agency relationship. Merchants Capital ranked Top 10 HUD Lender in 2025 with licenses for FHA-insured financing.
• Turnstone DevelopmentcoreStrategic or Co-development PartnerNonprofit developer of Village of Valor, 54-unit affordable housing for military veterans in Palm Springs, Fla. Merchants Capital provided $33.8M+ financing.
• Faith Hope Love Charity, Inc.coreStrategic or Co-development PartnerNonprofit founded by formerly homeless veterans providing supportive services for military veterans at Village of Valor development.
• Biggs GroupcoreStrategic or Co-development PartnerDeveloper of The Elex, 296-unit mixed-use workforce housing community in Fort Wayne, Ind. Merchants Capital provided $99M+ debt and equity financing.
• Magnus Capital PartnerscoreStrategic or Co-development PartnerAsset management and real estate investment firm developing HōM Flats workforce housing communities. Merchants Capital provided $74.1M debt and $16.7M LIHTC equity for Phase 3 in Wyoming, Mich.
• West Side Federation for Senior and Supportive Housing (WSFSSH)coreStrategic or Co-development PartnerNonprofit affordable housing developer for Three Arts Club, 62-unit historic rehabilitation to senior housing in NYC. Merchants Capital provided $26.3M financing.
• 2 Thirty-Eight PropertiesminorStrategic or Co-development PartnerDeveloper of Marvetta & Anthony Grimes Family Center, 36-unit supportive housing project.
• Seeds of HopeminorStrategic or Co-development PartnerDevelopment partner for Marvetta & Anthony Grimes Family Center supportive housing project.
• Volunteers of America of Ohio and IndianaminorStrategic or Co-development PartnerPartner organization for Marvetta & Anthony Grimes Family Center supportive housing project.
• VIUM CapitalcoreStrategic or Co-development PartnerLeading seniors housing and healthcare lender partnership for synthetic securitization transactions. Closed $1.1B+ private synthetic securitization of skilled nursing and seniors housing bridge loans.
• ATLAS SP PartnersminorStrategic or Co-development PartnerStructuring agent and sole bookrunner for $1.1B+ healthcare real estate securitization with Merchants Capital and VIUM Capital.

Scale indicators12 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Greystone: Privately held commercial real estate finance and advisory firm with a substantial affordable housing lending and LIHTC equity syndication platform. Directly comparable to Merchants Capital across agency lending, tax credit equity, and servicing.
• Walker & Dunlop: One of the largest U.S. multifamily finance companies (NYSE: WD), directly competing with Merchants Capital in agency (Fannie/Freddie), HUD, and balance-sheet lending for multifamily and affordable housing developers. Highly comparable on product mix, customer base, and GSE ranking competition.
• Berkadia Commercial Mortgage: A joint venture of Berkshire Hathaway/Leucadia, Berkadia is a leading commercial real estate finance platform with strong multifamily and affordable housing lending, servicing, and investment sales overlap with Merchants Capital's debt and servicing businesses.
• Lument: Formed from the merger of Hunt Real Estate Capital and Centerline Capital Group — both notable former employers of Merchants Capital senior hires — Lument is a direct competitor in affordable housing agency lending and multifamily finance.
• Bellwether Enterprise Real Estate Capital: A commercial real estate finance company offering Fannie Mae, Freddie Mac, FHA/HUD, and balance-sheet lending with a strong affordable housing focus. Closely comparable to Merchants Capital in target customer (multifamily developers/sponsors) and product suite.
• Red Mortgage Capital: Specialized multifamily and affordable housing lender focused on Fannie Mae, Freddie Mac, and FHA financing for nonprofit and for-profit developers. Directly comparable to Merchants Capital's affordable housing origination focus.

Broad incumbents

• JLL Capital Markets (Multifamily): JLL's multifamily capital markets division originates agency and balance-sheet loans, investment sales, and servicing for institutional multifamily clients. Overlaps with Merchants Capital in agency lending but operates within a much broader commercial real estate services franchise.
• Grandbridge Real Estate Capital (Truist subsidiary): Truist Bank's commercial real estate finance subsidiary and former employer of several Merchants Capital originators (Weil, Ginsberg, Nichol, Lee). Competes directly in affordable housing agency lending at meaningful scale.
• Newmark Group: Major commercial real estate services firm whose multifamily capital markets group provides agency and balance-sheet lending, investment sales, and servicing. Wider platform than Merchants Capital but overlapping in agency debt origination and GSE execution.
• CBRE Capital Markets (Multifamily): CBRE's debt and structured finance group offers multifamily agency and balance-sheet lending, investment sales, and servicing. Comparable in product overlap but embedded in a much larger global commercial real estate platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/MerchantsCap
• Facebookfacebook.com/MerchantsCapital
• LinkedInlinkedin.com/company/merchantscapital
• Instagraminstagram.com/merchantscapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries4 records

Funding overview

Funding rounds4 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Merchants Capital