Bank Financing
Agency Financing
CARMEL, Ind. (Aug. 21, 2025)—Leading financial services provider Merchants Capital today announced the appointment of Naureen Dhanani as Executive Vice President of Credit and Operations, a newly established role reporting directly to the president and chief executive officer.
Dhanani will oversee Merchants Capital’s Fannie Mae, Freddie Mac and FHA credit and closing teams, including the chief appraiser. She will ensure seamless collaboration across Merchants’ platforms and with external stakeholders, manage key agency relationships and resolve credit and production-related challenges alongside borrowers, originators, underwriters and agency counterparts.
“This new position reflects our commitment to advancing housing through leadership that is both visionary and grounded in execution,” said Michael R. Dury, President and CEO of Merchants Capital. “Naureen’s deep expertise and passion for impact-driven finance make her an ideal fit for this critical role.”
Dhanani brings more than a decade of experience in affordable housing finance to Merchants. Most recently, she served as a senior manager at Freddie Mac Multifamily, where she led a high-performing team responsible for more than $6 billion in annual originations, addressing critical affordable housing needs nationwide. Dhanani’s career is distinguished by her drive to innovate; she designed mission-aligned loan products under FHFA’s Duty to Serve, modernized underwriting processes and expanded impact financing in underserved markets. Her collaborative approach with Optigo® lenders, capital markets teams and housing sponsors has consistently delivered meaningful results. She holds a Master of Business Administration in Innovation, Leadership and Management, as well as a Bachelor of Business Administration in Finance, Economics and Humanitarian Affairs from James Madison University.
Dhanani’s appointment marks a strategic step forward for Merchants Capital as it continues to scale its platform and reimagine the future of affordable housing finance. Consistently ranked among the top agency lenders in the United States, Merchants Capital was named the #4 Affordable Housing Lender of 2024 by Affordable Housing Finance and #2 in 2024 Multifamily Affordable Originations by Mortgage Bankers Association (MBA).
To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.
