We Are Merchants Capital…

A Multifamily, Affordable, and Healthcare Lender offering a direct way to access fixed rate, long-term, non-recourse financing via our bank, Merchants Bank, all with a single point of contact.

Merchants Capital, formerly PR Mortgage & Investments, was established in August of 1990 as a mortgage banking firm specializing in multifamily housing and health care facilities finance.  With extensive experience in these types of finance, the company is a premier provider and servicer of Multifamily, Affordable, Healthcare, and Student Housing.  Our mission is simple: to provide the best origination and service of our loan products with exceptional customer service, accuracy, creativity, speed, and conformance to regulations.

Merchants Capital Corp. (MCC) has originated and closed more than $13 billion in loans and now services $10 billion.  MCC’s primary source of funding is the secondary market of federally chartered agencies and the federal government.

MCC is an approved FHA Mortgagee and is an approved Multifamily Accelerated Processing (MAP) lender for HUD.  MCC is a Fannie Mae Affordable Lender, a Freddie Mac OptigoSM Targeted Affordable Housing (TAH) Seller/ Servicer, a Federal Housing Administration (FHA) MAP LEAN and LIHTC Pilot Lender, and a Ginnie Mae Issuer/ Servicer.

MCC is also a Rural Housing Service (RHS) approved lender for the Section 538 program.  The company is a Government National Mortgage Association (GNMA) Issuer of Mortgage Backed Securities (MBS).  These agencies offer secondary market programs that provide a full range of loan structures for multifamily rental projects and health care facilities. Through these programs, MCC can provide acquisition, refinance, rehabilitation and new construction loans.  These programs offer competitive long-term, fixed-rate loans that will meet the needs of our clients.  Through its parent company (Merchants Bank), MCC can offer floating and fixed rate interim construction and acquisition/rehab loans.

Meet Our Executive Management

Michael F. Petrie, CMB

Michael F. Petrie, CMB

Chairman

Mr. Petrie co-founded Merchants Capital, formerly PR Mortgage & Investments, with partner Randall Rogers in 1990. Mike Petrie is CEO & Chairman of Merchants Bank, a $4 Billion Bank headquartered in Carmel, IN. Merchants Capital is a subsidiary of Merchants Bank.

Mr. Petrie is a 1979 graduate of Indiana University's School of Business with a major in Finance. He received his MBA in 1983 from Indiana University. In 1999, Mr. Petrie earned his Certified Mortgage Banker Designation (CMB) and in 2004 received the Accredited Mortgage Professional Designation (AMP).

In addition to Mr. Petrie’s roles and responsibilities within Merchants Bancorp, Merchants Bank and Merchants Capital, he is the Director of Merchants Affordable Housing Corp, a 501-c-3 not for profit affordable housing provider which owns 2,137 units. Mr. Petrie serves on the Boards of the Indianapolis Neighborhood Housing Partnership, The Indianapolis Children’s Museum, Community Investment Fund of Indiana, a CDFI, and the IU Varsity Club National Board of Directors. Mr. Petrie served as Chairman of the Board of the Mortgage Bankers Association, Washington D.C. in 2005 and currently serves on the Pension and Investment Committee of the MBA Board.

Mr. Petrie was awarded the "Sagamore of the Wabash" in 2004 and MBA’s Burton C. Wood Legislative Service Award in 2000.

Michael R. Dury

Michael R. Dury

President

Mr. Dury joined the company in 2007 as an investment officer. In his current position as President, he oversees strategy and business development for mortgage lending activities. He specializes in the origination of numerous multifamily rental and health care housing finance programs. Since 2010, Mr. Dury has originated over $5.05 billion of multifamily loan volume. Mr. Dury has extensive knowledge of the Company’s operations, having spent his entire career at Merchants Capital and previously serving as chief operating officer.

Mr. Dury is a graduate from The University of Notre Dame, where aside from his studies, served as team captain for the baseball team. In 2013, he received his MBA in finance from Indiana University’s Kelley School of Business and was selected as a “Future Leader” by the Mortgage Bankers Association.

Mathew Wambua

Mathew Wambua

President of RICHMAC Funding
Executive Vice President, Head of Agency Production, Merchants Capital
New York Office

Mathew Wambua joined the company in 2013. Mr. Wambua is Head of Agency Production and serves as President of Richmac Funding, an affordable housing mortgage lending platform, which provides Freddie Mac, Fannie Mae and FHA debt products, as well as on-book acquisition and new construction loans.

In March 2011, Mr. Wambua was appointed Commissioner of the New York City Department of Housing Preservation and Development (HPD), the nation’s largest municipal housing agency. During his tenure, Mr. Wambua oversaw the financing of approximately 47,000 housing units, representing a $6 billion investment.

From 2008 through 2011, Mr. Wambua served as Executive Vice President of the New York City Housing Development Corporation (HDC), the most prolific multifamily bond issuing entity in the nation. From 2004 through 2008, Mr. Wambua was Senior Policy Advisor for the New York City Deputy Mayor for Economic Development, Daniel Doctoroff, where he coordinated and oversaw a citywide portfolio of economic development agencies, boards and commissions, as well as oversaw all economic development initiatives within the Bronx and Upper Manhattan.

Previously, Mr. Wambua held positions as the Vice President for Special Projects at the New York City Economic Development Corporation (EDC), and as a Senior Investment Officer for General Electric Capital Commercial Real Estate.

Over the course of the last decade, Mr. Wambua has served on numerous boards including, the Metropolitan Museum of New York (the MET), Merchants Capital, The Osborne Association, New York Housing Conference, New York City Local Initiative Support Corporation (LISC), Samaritan Village, The Procurement Policy Board of NYC, Settlement Housing Fund, Mid Bronx Desperados Development Corporation, NYU’s Furman Institute, Placeful, NYC HDC, NYC Residential Mortgage Insurance Company, the Center for New York City Neighborhoods (CNYCN), Brooklyn Bridge Park Development Corporation, the New York City Housing Partnership, the NYC Empowerment Zone Corporation (proxy for Deputy Mayor Doctoroff), NYC Economic Development Corporation (proxy for DM Doctoroff), and the NYC Industrial Development Corporation (proxy for DM Doctoroff).

Mr. Wambua earned a B.A. from the University of California at Berkeley and a Masters in Public Policy from Harvard University’s John F. Kennedy School of Government. He has taught real estate finance at NYU’s Graduate School of Public Service and managerial economics at the New School’s Graduate School of Public Policy.

Brian J. Sullivan

Brian J. Sullivan

Executive Vice President, Chief Operating Officer

Mr. Sullivan serves as Executive Vice President, Chief Operating Officer. He is responsible for oversight of Production, Servicing and Asset Management, and Capital Markets. Previously, Mr. Sullivan led the Capital Markets group for the company and was involved in Merchants Bancorp’s strategic initiatives in M&A and corporate finance.

Mr. Sullivan earned his MBA from IU Kelley School of Business and his bachelor’s degree from DePauw University. Mr. Sullivan is involved civically with the Build Fund, an economic development focused CDFI, LISC Indianapolis, and the Penrod Society, which supports the arts and cultural education in central Indiana.

Marsha Goff

Marsha Goff

Executive Vice President, Fannie Mae Chief Underwriter
Saint Paul Office

Marsha Goff, Executive Vice President and Fannie Mae Chief Underwriter is located in the Saint Paul, Minnesota office. She is responsible for all production functions and oversees and approves transaction specific business and legal waivers, transaction legal document review, client negotiation and final pricing approval. Ms. Goff graduated from Saint Cloud State University with a Bachelor of Science Degree in both Real Estate Finance and Organizational Speech Communications. She is a HUD Approved MAP Underwriter, a Designated Member (MAI) of the Appraisal Institute and has underwritten or overseen over $6 billion in complex multifamily loan originations.

Lee Oller

Lee Oller

Executive Vice President
Chicago Office

Lee Oller leads our Chicago, Illinois office and brings 26 years of experience as a Chief and LEAN Underwriter. She has produced more than 350 closed transactions involving the Federal Housing Administration (FHA) and Department of Housing and Urban Development (HUD) loan platforms. She has a deep understanding of FHA, multifamily and affordable housing that will allow Merchants Capital to grow its local presence in Chicago and regionally across the Midwest.

Meet Our Team

Loan Origination

Matthew E. Kaercher

Matthew E. Kaercher

Senior Vice President, Originations
Carmel Office

Mr. Kaercher serves as Senior Vice President and has been with the organization since 2011. He heads up our originations team and specializes in the origination of a wide variety of multifamily and senior financing programs available at Merchants Capital. These programs include FHA, RHS, Fannie Mae Affordable, Freddie Mac Affordable, and balance sheet bridge and new construction via MCC's parent company, Merchants Bank.

Mr. Kaercher is a graduate from The University of Dayton and received his MBA in finance from IU’s Kelley School of Business.

Since 2011, Mr. Kaercher has served as a multifamily loan underwriter of $215 million in closed loans. Upon transferring to originations in January 2014, Mr. Kaercher has originated or co-originated over $1 Billion in loans.

In addition to his duties at Merchants Capital, Mr. Kaercher serves as Treasurer and Board Member of Near East Area Renewal (NEAR). NEAR aims to redevelop near east side neighborhoods in Indianapolis. Mr. Kaercher also serves as an advisor to LiveIndy East, which is responsible for guiding the housing priorities of the Indianapolis Promise Zone. He also volunteers as a member of the Penrod Society which organizes a fair benefiting local arts programs.

Jeffrey T. Spahn

Jeffrey T. Spahn

Senior Vice President, Originations
Carmel Office

Mr. Spahn serves as Senior Vice President and has been with the organization since 2007. He specializes in the origination of a wide variety of multifamily and senior financing programs available at MCC. These programs include FHA, RHS, Freddie Mac, Fannie Mae and conventional lending through MCC’s parent company, Merchants Bank. Mr. Spahn has been a part of the production team that was the #1 ranked FHA lender in 2010 and has been ranked in the top 10 for subsequent years thereafter. Since 2009, he has originated and closed in excess of $1.5 billion in loan volume.

In 2016, Mr. Spahn completed his MBA at the University of Indianapolis. Mr. Spahn is also a 2006 graduate of Indiana University (Bloomington) where he earned his degree in Biology and also earned a Certificate in Business Foundations from the Kelley School of Business. He has also completed several multifamily real estate finance education courses offered by the Mortgage Bankers Association.

Randall D. Rogers, Jr.

Randall D. Rogers, Jr.

Senior Vice President, Originations
Carmel Office

Mr. Rogers joined the company in 2010 after practicing law in a variety of disciplines for nearly twelve years. As a former “white-collar” Deputy Prosecutor for Marion County, Indiana and later a defense attorney in the same practice area, Mr. Rogers began at MCC as an underwriter and has received his MAP approval (2013) from the U.S. Department of Housing and Urban Development. After transitioning to the production team in late 2013, Mr. Rogers specializes in the origination of numerous multifamily rental and health care housing finance programs including conventional, FHA and RHS.

A 1995 graduate of Denison University, Mr. Rogers also graduated in 1999 from the Indiana University Robert H. McKinney School of Law and remains active and in good standing with the Indiana State Bar.

Joseph Krengel

Joseph Krengel

Senior Vice President, Originations
Saint Paul Office

Joseph Krengel, Senior Vice President is located in the Saint Paul, Minnesota office. He is responsible for multifamily production and underwriting. Mr. Krengel graduated from the University of Wisconsin-Madison with a Bachelor of Science Degree and received his real estate license in 1999.

Ben Levine

Ben Levine

Senior Vice President, Originations
New York Office

Ben Levine, Senior Vice President is located in our New York City office and is responsible for originating new business to provide mortgage banking solutions through the Fannie Mae, Freddie Mac and FHA/HUD lending products. Mr. Levine graduated from University of California, San Diego with a degree in Economics.

SaraBeth Mantia

SaraBeth Mantia

Senior Vice President, Originations
Saint Paul Office

SaraBeth Mantia joined the company in 2012 and is located in Saint Paul, Minnesota. She specializes in the origination and project management of a wide variety of multifamily and senior housing programs. These programs include Freddie Mac, Fannie Mae, FHA/HUD, as well as MCC's parent company Merchants Bank construction, bridge and acquisition/rehab loans. Ms. Mantia brings over 13 years of banking experience and prior to her current role served as Deputy Chief HUD Underwriter, and received her MAP underwriter approval in 2008 from the U.S. Department of Housing and Urban Development.

Michael Milazzo

Michael Milazzo

Vice President, Originations
New York Office

Michael Milazzo, Vice President, is located in New York City and is responsible for expanding the multifamily lending platform by providing mortgage banking solutions through the Freddie Mac, Fannie Mae, FHA/HUD lending products, as well as Merchants Bank construction and acquisition/rehab loans. Mr. Milazzo earned a Master Degree in Real Estate from NYU’s Schack Institute and holds B.A. from Sacred Heart University.

Eddie Dietrick

Eddie Dietrick

Vice President, Originations
Carmel Office

Mr. Dietrick serves as Vice President, Originations and has been with the organization since 2015. He spent his first three years with Merchants Capital as a loan analyst, assisting originators in sourcing and closing loans. He was promoted to the Originations team in 2018 and is now responsible for sourcing and closing his own transactions. He has direct experience in a wide variety of multifamily programs available at MCC, specifically FHA, RHS, Fannie Mae, Freddie Mac and Merchants Bank balance sheet lending.

Mr. Dietrick is a 2014 graduate of Indiana University, earning degrees and Accounting and Real Estate Finance from the Kelley School of Business. He completed his MBA in Finance in 2018 through the Kelley School of Business’s Evening MBA Program.

Brad Tucker

Brad Tucker

Vice President, Originations
Kansas City

Brad Tucker is located in Kansas City and serves borrowers throughout the country specializing in a wide variety of multifamily and senior financing programs. These programs include FHA, RHS, Fannie Mae Affordable, Freddie Mac Optigo Affordable, and balance sheet bridge and new construction via Merchant Capital’s parent company, Merchants Bank.

Mr. Tucker is a graduate of Washburn University where he earned his degree in Finance. He has also completed several multifamily real estate finance education courses and brings a wealth of multifamily underwriting and origination experience.

Susan Schnoll

Susan Schnoll

Senior Vice President, Originations
Chicago Office

Susan Schnoll has been fully dedicated to the debt and equity financing of multifamily properties throughout her career. While working as part of the Chicago team, she is based out of Milwaukee and has extensive knowledge of the southeastern Wisconsin apartment market. She is a specialist in FHA loan programs including Sections 223(f), 221(d)(4), and 223(a)(7). In addition, as an owner and manager of her own portfolio of affordable housing properties, Susan also has a deep understanding of these programs from the borrower’s perspective.

Susan received a Master of Science in Real Estate Appraisal and Investment Analysis from the University of Wisconsin - Madison and a BBA degree from Vanderbilt University.

Alan Cravitz

Alan Cravitz

Senior Vice President, Originations
Chicago Office

Alan Cravitz brings extensive experience in HUD multifamily financing programs as the founder and former President of Developers Mortgage Corporation, one of the leading HUD lenders in Illinois. Mr. Cravitz has specialized in financing affordable housing developments under various HUD programs, including the Low Income Housing Tax Credit (LIHTC) program.

Mr. Cravitz has a BSEE from the Polytechnic Institute of Brooklyn (now the Tandon School of Engineering at NYU) and an MBA from the University of Chicago Graduate School of Business.

Brian Black

Brian Black

Senior Vice President, Originations
Chicago Office

John Karazsia

John Karazsia

Vice President, Loan Production
Carmel Office

John Karazsia joined Merchants Capital in May 2018 as Vice President of Loan Production. He is is responsible for production functions and process across the company’s HUD, GSE, and Merchants Bank lending platforms along with leading the Loan Production department.

Mr. Karazsia brings over 13 years of experience in commercial banking and finance performing roles in management, underwriting, and business development. Mr. Karazsia is a graduate of Butler University where he earned a degree in Business Administration.

Underwriting, Processing, and Closing

Michelle Small

Michelle Small

Senior Vice President, FHA Chief Underwriter
Carmel Office

Michelle Small has been with the company since 2005 and as Chief Underwriter, she leads our FHA Underwriting team and provides oversight to the GSE credit team. A member of Merchant’s loan committee, Michelle is responsible to make a determination whether each proposed loan represents an acceptable risk and is economically sound. Further, Ms. Small is responsible for monitoring and reporting results of the compliance/ethics efforts of the company and provides guidance for the Board and senior management on matters relating to compliance.

Michelle holds undergraduate degrees in Business and Accounting, and an MBA in Finance through Anderson University.

Jessica Cherepski

Jessica Cherepski

Senior Vice President, GSE Chief Underwriter
New York Office

Ms. Cherepski joined the company in 2016. In her current role as Senior Vice President, GSE Chief Underwriter, Ms. Cherepski is responsible for overseeing all credit-related functions for the company's growing GSE platform, enhancing existing credit policy with respect to agency guidelines, and implementing innovative techniques for highly structured transactions.

Prior to Merchants Capital, Ms. Cherepski served as the Assistant Vice President and Manager of Freddie Mac Lending for The Community Preservation Corporation (CPC), where she led CPC’s efforts on the Freddie Mac Optigo conventional product line. Ms. Cherepski graduated with her Master of Science degree in Real Estate from the Zicklin School of Business and her Bachelor of Science degree in Finance and International Business.

Joshua Canan

Joshua Canan

Senior Vice President, GSE Deputy Chief Underwriter
Saint Paul Office

Mr. Canan serves as Senior Vice President, GSE Deputy Chief Underwriter and has been with the organization since 2017. He began his career at Merchants as a Multifamily Credit Manager for MCC's parent company, Merchants Bank. He was promoted in 2018 to GSE Senior Underwriter at MCC, and later to GSE Deputy Chief Underwriter. He is located in our Saint Paul, Minnesota office. Mr. Canan is a 2014 graduate of Ball State University, earning a degree in Entrepreneurship/Entrepreneurial Studies.

Nicole Swentek

Nicole Swentek

Senior Vice President, Processing, Closing and Delivery Manager
Saint Paul Office

Nicole Swentek joined the company in 2015 and is located in Saint Paul, Minnesota. She brings 16 years of multifamily experience to our lending group and is responsible for overseeing the HUD/FHA, Fannie Mae and Freddie Mac processing and closing department, managing of a wide variety of multifamily transactions and programs.

Ms. Swentek graduated from Hamline University with degrees in Political Science, International Studies and also holds a Paralegal Certificate.

Loan Servicing

Lisa Lundeen

Lisa Lundeen

Senior Vice President, GSE Chief Servicing Officer
Saint Paul Office

Lisa Lundeen brings more than 12 years of multifamily servicing and asset management experience to the Merchants Capital team, with a background in both permanent and construction loans, as well as knowledge of investor accounting and reporting for Fannie Mae, Freddie Mac and Federal Housing Administration (FHA) assets.

Since stepping into the role, she has transformed the GSE Portfolio Management team, which is responsible for performing financial analyses, completing inspections, monitoring repairs and escrows, processing loan events and managing risks of the company’s Freddie Mac and Fannie Mae portfolios. Lisa is a critical leader in improving company procedures, as well as leading the implementation of a new servicing and database management application. With the conversion to Precision LM, Merchants continues to demonstrate its commitment to leading the industry in loan servicing.

Vicki Major

Vicki Major

Senior Vice President, FHA Portfolio Management
Carmel Office

Mrs. Major joined the company in 2003 and currently serves as Senior Vice President, FHA Portfolio Management. She has been servicing multifamily loans since 2011 specializing in construction loans such as FHA 221(d)4; Merchants Bank construction loans; and RD Continuous Guarantee 538 loans.

Mrs. Major graduated from Indiana Wesleyan University where she majored in business management and received her Master’s in Business Administration with a specialization in International Business.

Nisha Cuellar

Nisha Cuellar

Senior Vice President, Investor Accounting
Carmel Office

Ms. Cuellar joined the company in 2001. She oversees the Investor Reporting and Custodial Accounting teams, specializing in Ginnie Mae, Fannie Mae, Freddie Mac, and Merchants Bank products. She has over 30 years of mortgage servicing experience.

Ms. Cuellar attended Chapman University in Orange, California where she graduated magna cum laude with a Bachelor of Science in Business Administration.

James Russell

James Russell

Senior Vice President, Balance Sheet Portfolio Management
Carmel Office

Robert Burtner

Robert Burtner

Senior Vice President, Construction Lending
Carmel Office

Administrative Staff

Patti Hamaker

Patti Hamaker

Senior Vice President, Finance & Administration
Carmel Office

Ms. Hamaker joined the company in 2009 as Vice President and Controller. In 2015, she accepted the position of Vice President of Servicing. In 2017, she was promoted to Senior Vice President & Chief Servicing Officer. She now serves as Senior Vice President of Finance and Administration.

She is a graduate of Indiana University’s School of Business with a major in Management. From 2000 to 2009 she was the Controller for Paragon Realty Companies where she was responsible for the accounting of more than 30 entities. Prior to working at Paragon, she worked for National City Bank in the Commercial Real Estate Department as a loan servicer.

John Macke

John Macke

Chief Financial Officer

John Macke joined the company in July 2017 after more than 25 years in the mortgage finance industry. Mr. Macke has served in the roles of EVP of Capital Markets and Chief Financial Officer at Stonegate Mortgage. Mr. Macke also spent many years with Irwin Mortgage, a national residential mortgage lending company, responsible for capital markets, strategy, business development, and finance department management. He has extensive experience with financial forecasting, planning and analysis, as well as servicing valuation and MSR hedging. Mr. Macke was also the Chief Operating Officer of Freedom Mortgage after its acquisition of Irwin Mortgage. He holds an MBA from the Kelley School of Business at Indiana University and a BS degree in finance from the University of Dayton.

Nic Baumann

Nic Baumann

Human Resources Director

Nic Baumann joined the company in 2016 as Director of Human Resources. He is responsible for the strategic development and administration of all human resources functions. Nic has more than a decade of experience in human resources having worked in most HR practice areas during that time. His SPHR and SHRM-SCP senior certifications reflect his extensive experience in the HR profession. He is a graduate of Purdue University with a bachelor’s in statistics and a minor in sociology. Nic stays actively involved in the HR professional community through organizations such as the national SHRM chapter and IndySHRM.

Rebecca Marsh, CFMP

Rebecca Marsh, CFMP

Marketing and Communications Director
Chief Information Security Officer

Rebecca Marsh joined the company in 2008 as the Information Technology Officer and is now the Director of Marketing and Communications. Rebecca also serves the corporation as the Chief Information Security Officer. She is responsible for company marketing initiatives and media, and Director and customer communications. Rebecca also serves as a shareholder relations representative for Merchants Bancorp. Prior to joining the company, she worked for Merchants National/National City from 1990 to 2001. Rebecca graduated with honors from the University of Phoenix with a Bachelor of Science in Information Technology/Multimedia and Visual Communications. Rebecca also holds a Certified Financial Marketing Professional (CFMP) designation from the American Bankers Association.

Bruce Wiley

Bruce Wiley

Information Technology

Bruce Wiley joined the company in June 2017 as the Vice President of Information Technology. His responsibilities include providing leadership and direction to the IT team for all banking and mortgage businesses. Prior to joining the company, Bruce held several technical and leadership roles in IT at Roche Diagnostics. Bruce holds a BS degree from Taylor University in Business Systems and an MBA degree from Butler University. He is a member of PMI and holds his PMP® certification.

National and State Affiliations

  • Mortgage Bankers Association
  • Council For Affordable and Rural Housing
  • Apartment Association of Indiana
  • Indiana Health Care Association
  • National Association of Local Housing Finance (NALHFA)
  • New York Housing Conference
  • Indiana Association of Homes and Services for the Aging
  • Indiana Affordable Housing Council
  • Rural Rental Housing Association
  • Indiana University Real Estate Club
  • New York State Association for Affordable Housing (NYSAFAH)
  • Citizens Housing and Planning Commission

You are leaving merchantscapital.com

You are now leaving the merchantscapital.com site and being redirected to the website: . Note that the third party's privacy policy and security practices apply and may differ from Merchants Capital standards. Merchants Capital assumes no responsibility for, nor does it control, endorse or guarantee any aspect of, your use of this linked site.

Cancel Continue to External Site