CARMEL,
Ind., March 2, 2023 /PRNewswire/ -- (Nasdaq:
MBIN) -- Leading financial services provider Merchants Capital
announced it 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 over $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 recognized 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.
"It is a true indication of the tenacity of our employees that
we are able to announce yet another record-setting year in debt
production for our company," said Dwayne
George, Executive Vice President, National Head of
Production at Merchants Capital. "This great achievement could not
be accomplished without the trust of our clients and the incredible
hard work of our dynamic team. Throughout 2022, the market proved
to be full of unique challenges due to unprecedented inflation and
interest rate volatility, yet our team remained steadfast in its
approach to create flexible solutions for our clients to support
the preservation and development of multifamily housing
nationwide."
Merchants Capital aims to provide tailored, end-to-end financing
solutions for a variety of multifamily housing projects across the
nation. The firm specializes in crafting bridge and agency
financing structures to support market-rate and luxury
developments, in addition to affordable and workforce housing
solutions.
"We pride ourselves on being able to provide custom financing
options that meet the explicit needs of our clients," said
Lee Oller, Executive Vice President,
Originations and head of the firm's Chicago office. "Our innovative product
offerings allow us to easily structure and execute deals that
support new development, preservation and rehabilitation of
critical housing properties in our nation. We look forward to
expanding our financial footprint even further as a company this
year."
"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 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.
To learn more about Merchants Capital and to view open
positions, visit www.merchantscapital.com or find Merchants Capital
on Facebook, Twitter, LinkedIn and Instagram.
ABOUT MERCHANTS CAPITAL
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, and senior 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
www.merchantscapital.com.
Forward-Looking Statements
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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SOURCE Merchants Bancorp