Merchants M knockout

Merchants Capital Provides Record $7 Billion in Debt Financing in 2021

CARMEL, Ind. – Merchants Capital closed a record $7 billion in debt production in 2021, shattering the firm’s previous record of $4.7 billion in financing in 2020. The firm achieved explosive growth in all product offerings, including a 72% increase in FHA financing to $1.97 billion, a 143% increase in Fannie Mae and Freddie Mac production approaching $1 billion, and a 65% increase in Merchants Bank balance sheet financing with over $4 billion in volume in 2021.

The firm’s affordable housing debt production soared to $3.1 billion, representing a 50% increase year over year. This announcement follows the 2020 honor from the Mortgage Bankers Association that recognized Merchants Capital as the #4 multifamily affordable lender nationwide.

Headshot of Dwayne George
Dwayne George

“We are in awe of the integrity, dedication and focus of our employees this year – securing $7 billion in total debt production is no easy feat, and it is a true testament to the work Merchants Capital has put in for our clients and communities across the country,” said Dwayne George, Executive Vice President and National Head of Production at Merchants Capital. “This tremendous milestone is only the beginning. We are eager for a 2022 filled with further engagement and support for much-needed housing properties nationwide.”

Merchants Capital strives to deploy innovative financing structures in multifamily housing, including affordable housing, workforce, market-rate, and luxury development across the United States.

Headshot of Mat Wambua
Mathew Wambua

“Our nimble and creative bank balance sheet offerings allow us a distinct advantage that is unmatched in the market” said Mathew Wambua, Vice Chairman, and head of the firm’s New York City office. “Our ability to adapt quickly to market conditions, streamlined execution, and diverse set of product offerings are the catalyst to our explosive and unprecedented growth.”

Headshot Photo Lee Oller
Lee Oller

“We are dedicated to providing our clients with the expertise needed to offer financing solutions that support America’s diverse multifamily housing needs” said Lee Oller, Executive Vice President, and head of Merchants Capital’s Chicago office. “Our growth is a reflection of the deep commitment of the entire Merchants Capital team, partners, and agency partners.”

Merchants Capital is headquartered in Indianapolis, with five additional production hubs nationwide located in Boston, Chicago, New York City, Saint Paul and Washington, D.C. Since 2019, Merchants’ staff has grown by 83% as the firm has added additional product offerings and opened regional offices in Washington D.C. and Boston.

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Established in 1990, Merchants Capital is one of the nation’s top lenders for the refinance, acquisition, new construction and substantial rehabilitation of multifamily, affordable, senior and student housing. Whether you are considering tax credit syndication, Freddie Mac, Fannie Mae, HUD/FHA insured or balance sheet financing, let our personalized services help you meet your financing objectives. Experience the creativity of a small lender, with all the capabilities of a large institution. To learn more about Merchants Capital, visit


This press release contains forward-looking statements which reflect Merchants Bancorp’s current views with respect to, among other things, future events and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “outlook,” “aim,” “would,” “annualized” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about the industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control, such as the potential impacts of the COVID-19 pandemic. Accordingly, management cautions that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although the Merchants Bancorp believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.  A number of important factors could cause actual results to differ materially from those indicated in these forward-looking statements, including the impacts of the COVID-19 pandemic, such as the severity, magnitude, duration and businesses’ and governments’ responses thereto, on the Merchants Bancorp’s operations and personnel, and on activity and demand across its businesses, and other factors identified in “Risk Factors” or “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the Merchants Bancorp’s Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission.  Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.


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