Rebrand strengthens investment in remaining the most innovative, trusted and complete financial solutions company in the industry.
CARMEL, Ind. (Nov. 1, 2018) – PR Mortgage & Investments, together with wholly owned subsidiary RICHMAC Funding, LLC (“RICHMAC”), a leading national full-service mortgage banking company, announces its rebrand to Merchants Capital. The comprehensive rebrand renews and elevates the company’s commitment to providing and servicing multifamily, senior and student housing.
Merchants Capital will continue to offer all existing financial services, while investing further in brand unity and expert support for its clients. Merchants Capital and its affiliates – including Merchants Bank – will remain leaders in multifamily affordable housing finance, offering a full suite of products to affordable multifamily owners, including balance sheet, FHA, Fannie Mae and Freddie Mac.
Since its inception in 1990, Merchants Capital has originated and closed more than $11 billion in loans and now services in excess of $8.2 billion. In 2017, the company closed more than $1.7 billion in new loans. As of September 30, 2018, Merchants Capital has generated $1.8 billion in new loan production. In 2017, PR Mortgage & Investments acquired RICHMAC, a national Freddie Mac Targeted Affordable Housing Seller/Servicer, Fannie Mae Multifamily Affordable Housing Lender, approved FHA multifamily lender and Ginnie Mae issuer. The seller was an affiliate of The Richman Group.
“We are very proud of our unique expertise that marries the services of a bank with those of a mortgage company, as well as the market momentum and position we’ve created nationally,” said Michael F. Petrie, chairman and co-founder of Merchants Capital. “As our company continues to grow and evolve, we decided it was time for an exciting change, building on the existing Merchants brand recognition and merit.”
In 2009, Merchants Capital’s parent company, Merchants Bank, reintroduced the trusted “Merchants” brand back into the financial services market. Merchants continues to be recognized as one of the top performing banks nationally by S&P Market Intelligence.
“We believe there are significant growth opportunities with additional borrowers and partners across the nation. Launching this modern, unified brand signals our intention to the market and positions Merchants Capital to meet these expansion targets,” said Michael R. Dury, president of Merchants Capital.
The rebrand will not affect any existing loans or delay any current or future loans in process with Merchants Capital. Multifamily lending will continue to be the core of the company’s business model, and with extensive expertise and experience, Merchants Capital will always provide customized financial services to its clients and investors.