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 $11 billion in loans and now services in excess of $8.2 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 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 $4.7 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. Mr. Dury serves on the Board of Directors of the Notre Dame Club of Indianapolis.

Mathew Wambua

Mathew Wambua

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

Mathew Wambua is Head of Agency Production and located in New York. Mr. Wambua was former Commissioner of the NYC Department of Housing Preservation and Development. Mr. Wambua earned a B.A. from the University of California at Berkeley and a Masters in Public Policy from Harvard.

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. He has also volunteered for several local level political campaigns.

Marsha Goff

Marsha Goff

Executive Vice President, Fannie Mae & Freddie Mac Chief Underwriter
Saint Paul Office

Marsha Goff, Executive Vice President and Fannie Mae & Freddie Mac Chief Underwriter and 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.

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, and 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 of 2014, Mr. Kaercher has originated or co-originated over $600 million in loans.

In addition to his duties at Merchants Capital, Mr. Kaercher is a Board Member of Near East Area Renewal (NEAR) and also serves on their Housing Committee. NEAR aims to redevelop near east side neighborhoods in Indianapolis. 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 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, and 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 5 for five consecutive years thereafter. Since 2009, he has originated and closed in excess of $1.038 billion in loan volume.

In 2016, Mr. Spahn completed his MBA at the University of Indianapolis. Previous to that, Mr. Spahn was 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.

In addition to his duties at Merchants Capital, Mr. Spahn serves on the Housing Committee for Hamilton County Area Neighborhood Development (HAND, INC), a local not-for-profit housing developer.

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 joined the company in July 2015. He provides support to the Loan Origination Team and Underwriting department throughout the credit process.

Mr. Dietrick is a 2014 graduate of Indiana University's Kelley School of Business, where he earned degrees in accounting and real estate finance. Prior to joining MCC, Mr Dietrick worked for a local financial institution.

Collin O'Connor

Collin O'Connor

Transaction Manager
Carmel Office

Mr. O'Connor joined the company in 2016. He is a graduate of the University of Dayton, where he majored in Finance. Mr. O’Connor began at MCC as an underwriter and has received his MAP approval from the U.S. Department of Housing and Urban Development. His previous experience includes working for a hedge fund and medical supply company.

Gus Gilmore

Gus Gilmore

Transaction Manager
Carmel Office

Mr. Gilmore joined the company in 2017. He is a graduate of Indiana University, where he majored in Economics and minored in Mathematics. After completing an internship with MCC in 2017, he officially rejoined the Originations team.

Brian Shelbourne

Brian Shelbourne

Transaction Manager
Carmel Office

Mr. Shelbourne joined the company in 2017. He provides support to the Loan Origination Team and Underwriting department throughout the credit process.

Mr. Shelbourne is a 2012 graduate of Wabash College, where he earned a B.A. in Economics, and is currently earning a Master of Professional Studies in Real Estate from Georgetown University. Prior to joining MCC, Mr. Shelbourne worked five years as a medical device and pharmaceutical sales representative.

Underwriting, Processing, and Closing

Marsha Goff

Marsha Goff

Executive Vice President, Fannie Mae & Freddie Mac Chief Underwriter
Saint Paul Office

Marsha Goff, Executive Vice President, 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.

Michelle Small

Michelle Small

Senior Vice President, FHA Chief Underwriter
Carmel Office

Michelle Small leads our Underwriting Department team. Ms. Small joined the company in 2005 as a Commercial Loan Processor. Ms. Small earned the MAP Approved FHA Underwriter accreditation in 2013 after successfully completing the CampusMBA FHA Multifamily Training Program. Ms. Small is responsible for the review of all in-house and third party reports and is required to make a determination whether each proposed loan represents an acceptable risk and is economically sound. Ms. Small is also 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.

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

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 over 15 years of multifamily experience to our lending group and is responsible for overseeing the Fannie Mae and Freddie Mac processing, closing and delivery 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.

Kate Belser

Kate Belser

Vice President, Processing and Closings
Carmel Office

Mrs. Belser joined the company in 2016 as a Construction Loan Analyst. In 2017 she joined the Closing Department. In this role she assists in overseeing MCC’s loan portfolio and is responsible for all aspects of loan closings from the time of commitment.

Mrs. Belser is a 2003 graduate of Franklin College and comes to MCC with 13 years of experience in marketing and restaurant management.

Loan Servicing

Vicki Major

Vicki Major

Senior Vice President, Chief Servicing Officer
Carmel Office

Mrs. Major joined the company in 2003 and currently serves as Senior Vice President, Chief Servicing Officer, leading the Portfolio Management team. 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. Her team’s responsibilities include all accounting and reconciliation of funds that flow through the Servicing Department, the transferring of funds to appropriate investor bank accounts, reporting and remitting to those investors, and meeting the corresponding regulatory requirements. Additionally, Investor Accounting oversees the Servicing Department database, including setting up new loans into the system and writing/preparing monthly, quarterly, and annual department reports. As such, it acts as a liaison for special database projects in support of the rest of the company and its correspondent lenders.

Ms. Cuellar attended Chapman University in Orange, California where she graduated magna cum laude with a Bachelor of Science degree in Business Administration. She has more than 30 years of mortgage servicing experience.

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 holds a degree from IUPUI in Information Technology/Electrical Engineering Technology and graduated summa cum laude 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

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