CARMEL, Ind. (May 1, 2023) – Leading financial services provider Merchants Capital today announces the company has earned a top-ranking position on the prestigious Affordable Housing Finance (AHF) Top Lenders listing, ranking in as the #2 lender nationwide for 2022 – up from #8 last year.
Recently, Merchants Capital announced that the firm closed $8.95 billion in debt production in 2022, shattering 2021’s previous record of $7 billion, a 27% increase in a year the industry contracted by 11%, according to the Mortgage Bankers Association. Throughout 2022, Merchants Capital saw significant growth despite a turbulent year for the industry. This included 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 a total affordable debt production of $5.9 billion (a 90% increase from 2021).
“This recognition would not have been possible without the determination of our team members and the confidence our clients have in Merchants,” said Dwayne George, Executive Vice President, National Head of Production at Merchants Capital. “Being recognized by Affordable Housing Finance as the #2 lender in the nation further solidifies our place in this industry. We are humbled by the accolade and look forward to another year of executing for our clients and counterparties.”
“This recognition would not have been possible without the determination of our team members and the confidence our clients have in Merchants.”
Merchants Capital’s innovative and tailored financing solutions help bring critical multifamily housing projects to life across the country. In addition to expertise in tax credit equity syndications and affordable housing, the firm also specializes in bridge and agency financing to support market-rate developments.
“The work we do at Merchants Capital helps provide individuals and families with the high-quality, safe and affordable housing they deserve,” said Mathew Wambua, Merchants Capital’s Vice Chair & Head of Agency Lending. “This honorable ranking as the #2 affordable housing lender in the country is a direct result of our dedication to our mission. We’re incredibly grateful to our team all across the U.S., as well as to our valued partners who have entrusted us with the financing of key developments throughout the nation. We look forward to continued success in affordable housing finance for years to come.”
“We’re incredibly grateful to our team all across the U.S., as well as to our valued partners who have entrusted us with the financing of key developments throughout the nation.”
AHF Top Lenders is a comprehensive ranking of the top 25 affordable lenders. The annual list was compiled through surveys submitted by lenders in early 2022, detailing the organizations’ 2022 total volumes in affordable debt production. The full ranking can be found here.