Applications / Mortgage Analytics / Lenders / Indiana / Merchants Capital
Carmel, IN · Non-bank subsidiary of a bank · CFPB · 91 loans in 2025
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91
loans originated, 2025
120
applications, 2025
21
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Merchants Capital, a non-bank lender owned by a bank, makes a few very large loans, a quarter of them insured by the Federal Housing Administration, mostly in poorer neighborhoods.
Its typical loan in 2025 was $14.3 million, against $275,000 at similar lenders, here non-bank subsidiaries of banks making between an eighth and eight times as many loans. Loans of that size suggest large properties rather than family houses, and the share going to low- and moderate-income borrowers cannot be measured. Refinancing made up 64.8% of its 91 loans.
Loans insured by the Federal Housing Administration (FHA) made up 25.3% of its lending, about twice the 12.4% at similar lenders. Another 2.2% were guaranteed by the Department of Agriculture's Rural Housing Service (RHS). The rest were conventional.
Low- and moderate-income neighborhoods received 51.1% of its loans, against 15.1% at similar lenders, the highest share among them. Majority-minority neighborhoods received 48.4%, against 9.0%. Both shares were higher still in 2024.
From Carmel, Indiana, it lent in 21 states and 42 metros. Its loan count barely moved, from 96 to 91, yet its dollar total rose sharply. With so few, very large loans, one deal can swing its dollar share of a market, so its market positions say little about its lending from year to year.
Similar lenders: same lender type, originations between an eighth and eight times the lender's. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Merchants Capital took 120 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Refinance 64.8% · Home improvement 20.9% · Purchase 14.3%
Conventional 72.5% · FHA 25.3% · USDA (RHS or FSA) 2.2% · of 91 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Indiana | 25 | 27.5% |
| New York | 13 | 14.3% |
| Ohio | 6 | 6.6% |
| California | 5 | 5.5% |
| Texas | 5 | 5.5% |
| Florida | 4 | 4.4% |
| Illinois | 4 | 4.4% |
| North Carolina | 4 | 4.4% |
| District of Columbia | 3 | 3.3% |
| Michigan | 3 | 3.3% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Indianapolis-Carmel-Greenwood | 14 |
| New York-Jersey City-White Plains | 13 |
| Chicago-Naperville-Schaumburg | 4 |
| Dayton-Kettering-Beavercreek | 3 |
| Grand Rapids-Wyoming-Kentwood | 3 |
| Tampa | 3 |
| Washington | 3 |
| Bloomington | 2 |
| Cincinnati | 2 |
| Columbia | 2 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 5493007TLZJ73TKCO730 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 3587230 | 2010–2023 |
| Respondent ID (the HMDA filer code before 2018) | 3351805251 |
Established 3 August 1990. Reported under HMDA 2003-2025.
Mergers, name changes, data editions and corrections: Merchants Capital's data.
Merchants Capital's data
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