Merchants Capital: CRE finance profile
Merchants Capital is a full-service multifamily finance platform covering market-rate and affordable housing, with agency and bank debt, tax-credit equity, in-house servicing and an affiliated investment adviser.
Information checked: September 20, 2026
At a glance
| Firm type | Multifamily finance platform affiliated with Merchants Bank |
|---|---|
| Role in the map | Agency and government-backed multifamily lending plus bank balance-sheet lending; tax-credit equity syndication |
| Debt products | Construction, bridge and permanent debt; HUD/FHA, Freddie Mac, Fannie Mae and balance-sheet financing |
| Equity | Tax-credit equity, including LIHTC, historic and state tax-credit executions |
| Servicing | In-house loan servicing and asset management for investor partners |
| Geography | National platform |
| Official site | merchantscapital.com |
Products and lanes
The official About page describes full-service financing focused on market-rate and affordable multifamily housing:
- Bank debt: construction, bridge and permanent debt through the Merchants Bank affiliation.
- Agency and balance-sheet financing: HUD/FHA, Freddie Mac, Fannie Mae and balance-sheet financing.
- Tax-credit equity: affordable debt can be paired with tax-credit equity, including LIHTC, historic and state tax-credit executions.
- Servicing: loans serviced in-house, with asset management on behalf of investor partners.
- Investment advisory: a registered investment adviser, Merchants Investment Partners, adds lending capacity beyond the bank's balance sheet.
Geography
The About page describes a national platform. Product availability for a specific market and property should be confirmed with the firm.
Where it fits
Merchants Capital combines agency lending, bank lending and tax-credit equity in one multifamily platform, which is most relevant when an affordable or market-rate multifamily deal may need more than one of those executions.
Observable fit cues, not statements of current appetite:
- An affordable-housing deal needs debt and LIHTC or other tax-credit equity together.
- A multifamily project may move from construction or bridge debt to agency or HUD/FHA permanent financing.
- The borrower values a lender that services its own loans.
Key professionals and coverage
Michael Dury
President and CEO. The official biography says he oversees the multifamily and healthcare platforms.
Michael Larsen
Executive Vice President and Chief Investment Officer. The official biography says he oversees capital allocation and investment strategy and leads the Investment Real Estate division, which finances market-rate and affordable multifamily and healthcare properties through the bank affiliate.
Mathew Wambua
Vice Chairman, EVP, Agency Lending. The official biography ties him to the affordable-housing platform and to Freddie Mac, Fannie Mae and FHA debt, balance-sheet bank lending and tax-credit equity.
People and coverage roles change. These entries reflect official firm sources checked on September 20, 2026; confirm current responsibilities with the firm.
Primary sources (checked September 20, 2026)
- https://merchantscapital.com/about/
- https://merchantscapital.com/staff-directory/
- https://merchantscapital.com/team/michael-r-dury/
- https://merchantscapital.com/team/michael-larsen/
- https://merchantscapital.com/team/mathew-wambua/
Related firms
- Greystone — agency, FHA and multifamily comparison
- Walker & Dunlop — agency multifamily comparison
- Ready Capital — multifamily and bridge comparison
- Peachtree Group Credit — private-credit contrast to an agency and bank platform
- Back to the CRE finance firm map
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