Carmel, Indiana-based financial services provider Merchants Capital closed a record $8.95 billion in debt production in 2022, surpassing the previous record of $7 billion set in 2021.
The firm saw significant growth in many product offerings in 2022, including a 77% increase in Merchants Bank balance sheet lending with more than $7 billion, a 48% increase in Freddie Mac Targeted Affordable Housing (TAH) production and an overall 27% increase in 2022 financing volume.
Merchants Capital continued to execute throughout 2022 despite turbulent market conditions with unprecedented interest rate volatility.
A leader in the affordable housing industry, Merchants’ affordable debt production in 2022 grew dramatically to $5.9 billion, a 90% increase from its $3.1 billion produced in 2021. These record-setting numbers come on the heels of the firm’s recent recognitions as the #3 Multifamily Affordable Lender from the Mortgage Bankers Association, the #4 Freddie Mac Multifamily TAH Lender in 2022 and #4 in the number of U.S. Department of Housing and Urban Development (HUD) 221 (d)(4) deals closed, according to the Federal Housing Authority (FHA) multifamily production summary for fiscal year 2022.
“We are incredibly proud of our dedicated employees who continue to make the Merchants name a fixture in the industry,” said Marsha Goff, Executive Vice President, Originations and head of Merchants’ Saint Paul, Minnesota, office. “This milestone is a direct reflection of our teams across the country, and their unique commitment to these projects is truly commendable.”
Merchants Capital is headquartered in Indianapolis, with five additional production hubs nationwide located in Chicago, New York City, Saint Paul, Washington, D.C. and Boston, which opened in 2022.
