HUD lender profile
Merchants Capital Corp.: HUD multifamily lending record
HUD insured 181 multifamily loans with Merchants Capital as lender in FY2022-FY2026, for $2.71 billion and 25,343 units. That is 4.2% of all HUD multifamily dollars in those years and #7 among lenders.
- HUD files it as MERCHANTS CAPITAL CORP.
- MAP On HUD's MAP lender list as of September 16, 2026
- Endorsement data run October 8, 2026
What the numbers say
In FY2026 it closed 23 HUD loans for $457 million, about level with FY2025 and ranking #11 among HUD multifamily lenders that year.
NC/SR was its largest program at 49% of five-year dollars, followed by 223(f) at 48%.
It lent in 32 states; Illinois was the largest at 13% of dollars.
Its median loan was $9.5 million, below the $14.3 million median for all HUD multifamily endorsements in the same years.
On 223(f) loans, the median time from firm commitment to initial endorsement was 87 days (112 loans), against 87 days for all lenders.
102 of its 181 loans (56%) carried low-income housing tax credits, against 32% across all HUD multifamily endorsements.
HUD volume by fiscal year
- 223(f)
- New construction / sub rehab
- Other programs
| FY | Loans | Dollars | 223(f) | NC/SR | Rank | |
|---|---|---|---|---|---|---|
| FY2026 | 23 | $457M | 12 | 10 | #11 | |
| FY2025 | 26 | $452M | 15 | 10 | #7 | |
| FY2024 | 26 | $468M | 9 | 17 | #3 | |
| FY2023 | 26 | $263M | 18 | 8 | #9 | |
| FY2022 | 80 | $1.07B | 58 | 16 | #7 | |
| FY2021 | 101 | $1.46B | 56 | 22 | #6 | |
| FY2020 | 55 | $882M | 42 | 10 | #6 | |
| FY2019 | 39 | $528M | 27 | 12 | #6 | |
| FY2018 | 62 | $844M | 41 | 15 | #6 | |
| FY2017 | 78 | $993M | 61 | 7 | #6 | |
| Since FY2001 | 1,446 | $13.62B | ||||
Program columns count loans. Rank is by dollars among all HUD multifamily lenders that fiscal year.
Program mix, FY2022-FY2026
| Program | Loans | Dollars | Median loan |
|---|---|---|---|
| New construction or substantial rehab (221(d)(4), 220, 231, 213) | 61 | $1.33B | $15.5M |
| 223(f) purchase or refinance | 112 | $1.30B | $7.5M |
| 241(a) supplemental loan | 2 | $47.4M | $23.7M |
| 223(a)(7) streamlined refinance | 6 | $26.9M | $3.5M |
Firm commitment to closing
Days from the firm commitment date HUD records to initial endorsement, for this lender's FY2022-FY2026 loans. This is the last stretch of a HUD deal, after underwriting is done; it is not the whole timeline from application.
- All its loans with both dates (181)
- 91 days median
- Middle half of its loans
- 68-145 days
- 223(f) (112 loans)
- 87 days
- NC/SR (61 loans)
- 100 days
- 223(a)(7) (6 loans)
- 101 days
- All lenders, FHA programs, FY2022-FY2026
- 91 days
Most recent HUD endorsements
| Endorsed | Property | Program | Loan |
|---|---|---|---|
| 2026-09-30 | Haron Landing · SC | NC/SR | $61.4M |
| 2026-09-29 | Continental Plaza Apartments · IL | 241(a) | $30.2M |
| 2026-09-17 | Mayslake Village- East Wing · IL | 223(f) | $11.5M |
| 2026-09-17 | Mayslake Village- Annex II · IL | 223(f) | $5.2M |
| 2026-08-28 | Trails at Bannister Apartment Homes · MO | NC/SR | $31.7M |
| 2026-08-27 | Glynn Isle · GA | NC/SR | $7.8M |
| 2026-08-27 | Rink Savoy · IN | 223(f) | $6.5M |
| 2026-08-20 | Mountainview Flats · CO | 223(f) | $10.4M |
| 2026-08-18 | Prairie View Apartments · IL | NC/SR | $26.9M |
| 2026-08-12 | Stuart Gardens II · VA | NC/SR | $32.1M |
| 2026-08-12 | Stuart Gardens I · VA | NC/SR | $30.8M |
| 2026-06-30 | Pleasant Terrace · WI | 223(f) | $4.9M |
Largest loans, FY2022-FY2026
| Property | Program | Loan |
|---|---|---|
| Metro 19 Apartments · IL | NC/SR | $65.9M |
| Kpg Holland Portfolio · MI | 223(f) | $61.9M |
| Haron Landing · SC | NC/SR | $61.4M |
| Arbours at Cocoa Landing · FL | NC/SR | $60.7M |
| The Retreat at Brighton Ridge Apartment Homes · CO | NC/SR | $58.8M |
| Santiago Estates · TX | NC/SR | $56.9M |
| Mosaic at Levis Commons · OH | 223(f) | $53.2M |
| The Villas on Fir · IN | 223(f) | $52.5M |
Its HUD servicing book today
HUD's active insured mortgage file (as of September 30, 2026) lists Merchants Capital Corp. as servicer on 772 apartment loans with $7.69 billion of balance and 104,812 units. The median note rate on that book is 3.38%. 570 of the loans carry a rate under 4%. 15 mature within five years. HUD lists the same name as holder of 638 loans.
- 223(f)
- 486 loans
- 221(d)(4)
- 156 loans
- 223(a)(7)
- 120 loans
- Other
- 8 loans
- 241(a)
- 2 loans
Largest servicing states: Indiana (242), Illinois (122), Ohio (94), Wisconsin (66), Texas (44), North Carolina (31).
Other names in HUD's endorsement data that begin the same way (HUD files them separately, and we do not combine them): Merchants Capital Servicing LLC.
Compare it with the rest of the market in the HUD lender league table, see what recent loans closed at on HUD rates, or read how the 223(f) and 221(d)(4) programs work.
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