Merchants Capital Corp.

Agency
New York, NYmerchantscapital.com

Merchants Capital is an established, bank-backed, agency lender and tax credit equity syndicator, serving sponsors and investors across the United States.

AgencyType
New York, NYHQ
1,349Deals
$12.0BTotal Volume
Active 2026

Key Contacts

merchantscapital.com

Mathew Wambua

OriginationsPrimary

Executive Vice President

(347) 821-4778mwambua@merchantscapital.com

Michael Dury

President and CEO

FHA Lending Activity

1,349

Total Deals

$12.0B

Total Volume

3

FY2026 Deals

$97.3M

FY2026 Volume

22
23
24
25
26

Source: HUD FHA Multifamily Production Reports

FHA Deal Activity

1,429

FHA Endorsements

$9.3M

Avg Deal Size

153

Avg Units

41

States

Individual FHA-insured initial endorsements, FY2001–FY2026

Top 10 Markets: IN (747) · IL (174) · OH (106) · WI (86) · NC (39) · TX (34) · KY (24) · MI (23) · FL (18) · CO (17)

Programs: 223(f) Purchase/Refi (859) · 223(a)(7) Refi (388) · New Const/Rehab (175) · 241(a) Improvements (7)

23% LIHTC · 8% Tax-Exempt Bonds

Source: HUD FHA Multifamily Production Reports

View all 1,429 FHA deals →

Recent FHA Deals

Dec '25HOLLAND, MI
$61.9M
Dec '25EVANSTON, IL
$6.4M
Nov '25North Grafton, MA
$9.2M
Nov '25Defuniak Springs, FL
$5.5M
Nov '25SAN ANTONIO, TX
$47.8M
Active loans held →Maturity wall →Rate tracker →

FHA Portfolio

863

Active Loans

$8.8B

Outstanding

5.49%

Recent Avg Rate

35 yr

Avg Term

Rates and balances on FHA-insured loans currently held in portfolio, as of February 2026

Recent FHA Rate Comps

DateRate
Feb '265.88%
Feb '264.68%
Jan '265.48%
Jan '265.69%
Dec '255.56%
Nov '255.53%
Nov '255.9%
Nov '254.68%
Nov '255.65%
Nov '255.65%
Avg rate across last 20 endorsed loans5.49%

Full Portfolio: 3.62% avg rate · range 2%–7.95%

13 loans ($3.1M) maturing by 2031

MaturityRate
Sep 20263.45%
Sep 20263.45%
Sep 20263.45%
Sep 20265.5%
Jul 20272.69%
Aug 20272.81%
Oct 20273.4%
Feb 20282.25%
Aug 20282.79%
Nov 20284%
Feb 20303.35%
Jul 20303.5%
Aug 20303.15%

Top States: IN (262) · IL (126) · OH (99) · WI (74) · TX (46)

Source: HUD Insured Multifamily Mortgages

Lending Programs

Merchants Capital Corp. Lending Program

Multifamily
Office
Mixed Use
Term
32 mo

Merchants Capital Corp. Lending Program

Multifamily
Office
Term
32 mo
Geography
national

Deal History

Annual volume by program source.

2021
$1.7B118 deals
2022
$802.0M68 deals
2023
$475.5M38 deals
2024
$513.4M25 deals
2025
$591.1M26 deals

Sources: HUD

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