Press Release

Congratulations to PR Mortgage's own John Petrie for being named an FHA Chief Underwriter!  This designation is the highest of its kind in the FHA Multifamily industry and John is one of the first to be named in the state of Indiana.  His experience with PR Mortgage dates back 17 years as the company’s first underwriter on staff. Over the years, he has reviewed and approved more than $1.8 billion in HUD loans without any defaults.  We are very proud of his track record and the track record of the company.  In addition to his current position as head underwriter, this important designation will allow John to: Create and oversee MAP Lender’s training and development programs for underwriting personnel Approve MAP underwriters Assure MAP Lender’s compliance with statutory, regulatory, and programmatic underwriting process, requirements, and standards Establish and oversee the MAP Lender’s QC Process CONGRATULATIONS JOHN ON THIS FANTASTIC ACCOMPLISHMENT!

(Carmel, IN) - PR Mortgage & Investments, along with our parent company Merchants Bank of Indiana, are proud to announce our selection as one of the Best Places To Work in Indiana for 2016!The Best Places to Work in Indiana is an annual program hosted by the Indiana Chamber of Commerce, in an effort to recognize outstanding companies that foster and promote a positive employee culture which is evident through the company’s appreciation and value shown toward each employee. The top companies in the state were determined through employer reports and comprehensive, anonymous employee surveys. According to the Indiana Chamber of Commerce website, this year’s competition experienced a “record-breaking number of applicants”. We are honored to be included in this year's recognition and look forward to an awards celebration later this Spring.

HUD has published its revised Multifamily Accelerated Processing (MAP) Guide, which is intended to cut the time required to approve loan applications and to assure consistent application of program requirements and credit standards across all HUD processing offices. To read the details of the published revisions, click here.  If you have any questions on how these changes affect your loan, please contact your loan originator at 317-569-7420 or at originations@prmic.com.

January 28, 2016 - The Federal Housing Administration (FHA) has announced a multifamily insurance rate reduction designed to encourage capital financing of affordable and energy-efficient apartments. Lower rates are expected to stimulate production and rehabilitation of affordable rental housing and help increase the amount of quality rental housing across the country. The press release from HUD Secretary Castro states, "The rate reductions will take effect on April 1, 2016, and will directly impact FHA’s Multifamily Housing Programs and properties housing low- and moderate-income families and/or developments installing energy-efficient systems or building within federal energy guidelines." This announcement is a positive change for affordable housing programs. To read the press release announcement and details on FHA's new Multifamily Insurance Rates, click here.  If you have any questions, please contact one our loan originators at 317-569-7420 or at originations@prmic.com.

Carmel, INDIANA (1/15/2016) – PR Mortgage & Investments (PR) is proud to announce record results for 2015.  The company finished the year with more than $1.15 billion in mortgage originations, the second highest in the company’s 25 year history. The key highlights of these record performance numbers consisted of more than $416 million in Affordable Housing Financings, the highest in company history, 21,423 total housing units, and 151 total loans.  More than $340 million in loans were closed using Merchants Bank of Indiana, the parent company of PR Mortgage & Investments. “We at PR Mortgage are very proud of our accomplishments in 2015 and share in our success with our customers and banking partners. Utilizing Merchants Bank of Indiana in conjunction with FHA has given us a competitive advantage and provides one of the best financing vehicles for our clients. With the continued growth of the bank and the launch of FHA’s new Small Balance Risk Sharing Program, we expect momentum to continue in 2016,” said Mike Dury, COO of PR Mortgage & Investments. PR Mortgage & Investments is headquartered in Carmel, Indiana. PR is an approved FHA Mortgagee and is an approved Multifamily Accelerated Processing (MAP) lender for HUD.  PR Mortgage 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, PR Mortgage & Investments can provide acquisition, refinance, rehabilitation, and new construction loans.  These programs offer competitive long-term, fixed-rate loans that meet the needs of our clients.  Through its parent company (Merchants Bank of Indiana), PR Mortgage offers floating and fixed rate interim construction and acquisition/rehab loans.

PR Mortgage & Investments (PR) is proud to announce the closing of Castle Point Apartments, located just north of the University of Notre Dame. The project was constructed in phases from 1974 to 1980 and has been a landmark in the South Bend community for years. The acquisition involves about $5 million of rehab including clubhouse renovations, interior unit renovations (lighting, flooring, countertops, appliances), installing new washer and dryers, exteriors renovations, and new carports. The buyer, an affiliate of Metonic Real Estate Solutions, purchased the project with convention bridge financing through Merchants Bank of Indiana, the parent company to PR Mortgage. PR Mortgage refinanced the bridge loan with long-term debt through FHA through their 223 (f) permanent loan program. “We at PR Mortgage are very pleased to contribute to such a great acquisition strategy. Metonic’s expertise on the construction and management side will allow for a seamless rehab process and ensure the long-term viability of the project for the residents of the South Bend community,” said Mike Dury, COO of PR Mortgage & Investments. The two-step process allowed Metonic to purchase the project quickly through MBI and then process the loan efficiently through PR Mortgage with FHA to lock in these historically low fixed rates. “The leverage, fully amortizing debt and non-recourse are very attractive and this two-step loan process is one of the most competitive products on the market,” said Dury. Metonic Real Estate Solutions is based in Omaha, Nebraska. The principals have participated in the acquisition, financing, asset management and disposition of more than $2 billion of real estate. This is their second project in Indiana. Both projects were financed by PR Mortgage & Investments.

PR Mortgage & Investments Announces Top Lender Rankings for 2015 (Carmel, IN) PR Mortgage & Investments, an industry leading mortgage banking firm specializing in financing multifamily housing and health care facilities throughout the Midwest, is proud to announce Fiscal Year 2015 HUD Lender Rankings for the period ended September 30, 2015.  PR Mortgage closed 64 loans that represented 9,397 housing units for a total volume of $534 million.  These production totals have once again earned us top five ranking nationally for Fiscal Year 2015 as follows: Number of Loans Closed:  #5 Number of Units:  #5 PR Mortgage & Investments also continues to be an industry leader in loan servicing.  We are committed to “service what we sell” with a $4.3 billion servicing portfolio as of September 30, 2015. “I am very proud of our team at PR Mortgage for being one of the nation’s leading FHA Multifamily lenders once again. We take pride in our consistent new loan production nationwide over the last 5 years and our continued service on the asset management side. PR Mortgage also originates multifamily loans for its parent company, Merchants Bank of Indiana, and total production in 2015 with this particular product is at record levels. Most of these loans will be refinanced next year with PR Mortgage so the pipeline is very strong heading into 2016. We would like to thank our loyal customers and realize our success is shared with them.”~ Michael R. Dury, Senior Vice President & Chief Operating Officer

City of Carmelwww.carmel.in.gov One Civic Square, Carmel, IN 46032NEWS RELEASE Date: May 1, 2015Contact: Nancy Heck (317) 571-2474Release: Immediate MERCHANTS BANK OF INDIANA TO MOVE HEADQUARTERS TO CARMEL’S MIDTOWN; NEW ‘CITY MARKET’ ALSO PLANNED CARMEL, IN – Merchants Bank of Indiana joined Old Town Development today to announce a new corporate headquarters to be built in the Midtown area in Carmel. The NEW Merchants Plaza – home to executive offices, residential and multifamily mortgage banking operations and a new retail bank branch – will be an estimated $25 million project, a 100,000 square-foot building to be built on the corner of 4th Street and Monon Avenue. The plans also call for a new City Market on the main level of the new building. The new corporate headquarters, to be built by Old Town Development, will bring an estimated 70 bank employees to the Midtown area – a redevelopment area designed to connect Carmel’s vibrant Arts & Design District and the City Center. Construction will begin in the fall of 2015 with plans to open by the spring of 2017. The building will include Merchants Bank of Indiana offices on the upper floors and a bank branch on the main level. An estimated 100 construction jobs will be created by this project. “Merchants Bank of Indiana’s competitive posture, operations, and foundation for profitable growth are all stronger today than ever before. Our company is blessed with more than 100 employees whose creativity, hard work, and customer dedication have made our success possible,” said Michael Petrie, Chairman, Merchants Banks of Indiana. “We are pleased to identify Midtown as the site for our new Corporate Headquarters. This new location will provide a great working environment for our team and provide for future expansion in a community positioned as a premier place for people to live and work.” Old Town Development also announced that the main level of the NEW Merchants Plaza will include a new City Market to serve the public. It will be 15,000 square feet of retail space designed for roughly 20 vendors. Among the plans for this project are an Indiana-based wine producer tasting room, an Indiana brewery, fresh produce, fresh meat and seafood space and an on-site bakery. “I am very excited to see our vision for Midtown continue to take place with today’s announcement,” said Mayor Jim Brainard. “Having Merchants Bank of Indiana headquartered just a short walk away from the restaurants, galleries and shops along Main Street will be a boost to our local businesses. I congratulate Old Town Development for its hard work on bringing a first-class tenant to one of their new projects. And I welcome Merchants Bank of Indiana to Midtown.” Merchants Bank of Indiana is the fastest growing bank in the state of Indiana. This move will allow for its future growth and expansion of business operations. The company currently employs 107 at its existing location and retail branch locations.