PR Mortgage & Investments, together with subsidiary RICHMAC Funding, a leading national full-service mortgage banking company, has announced its rebrand to Merchants Capital.
The company will continue to offer all existing financial services.
"Merchants Capital and its affiliates—including Merchants Bank—will remain leaders in multifamily affordable housing finance, offering a full suite of products to affordable multifamily owners, including balance sheet, Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac," according to officials officials.
“We are very proud of our unique expertise that marries the services of a bank with those of a mortgage company, as well as the market momentum and position we’ve created nationally,” said Michael F. Petrie, chairman and co-founder of Merchants Capital, in a statement. “As our company continues to grow and evolve, we decided it was time for an exciting change, building on the existing Merchants brand recognition and merit.”
In 2009, Merchants Capital’s parent company, Merchants Bank, reintroduced the Merchants brand back into the financial services market.
“We believe there are significant growth opportunities with additional borrowers and partners across the nation. Launching this modern, unified brand signals our intention to the market and positions Merchants Capital to meet these expansion targets,” said Michael R. Dury, president of Merchants Capital.
The rebrand will not affect any existing loans or delay any current or future loans in process with Merchants Capital. Multifamily lending will continue to be the core of the company’s business model, said officials.
The company has originated and closed more than $11 billion in loans and now services in excess of $8.2 billion. In 2017, it closed more than $1.7 billion in new loans. As of Sept. 30, Merchants Capital has generated more than $1.8 billion in new loan production. In 2017, PR Mortgage & Investments acquired RICHMAC, a national Freddie Mac Targeted Affordable Housing Seller/Servicer, Fannie Mae Multifamily Affordable Housing Lender, approved FHA multifamily lender and Ginnie Mae issuer. The seller was an affiliate of The Richman Group.