Merchants Capital originated roughly $4.7 billion loans in 2020, an approximate 106% rise in the mortgage banking firm’s total year-over-year production volume. According to its Press release, nearly half of the loans were dedicated to supporting affordable housing preservation and development across the country.
Dwayne George, executive vice president and national head of production at Merchants Capital, said that the milestone was a result of the company’s hyper-focused expansion efforts. It recently launched a new tax credit syndication platform and has continued to make strategic investments in its construction, equity, and debt platforms.
“We are confident that we can continue to succeed because we have a team of dynamic individuals driven to be the best capital advisors in the business,” George said. “At a time when many of us haven’t seen each other in more than a year due to COVID-19, our entire staff has remained optimistic and ambitious.”
While other companies pulled out of the non-QM market amid the pandemic, Merchants claims that its bridge loan product experienced a 100% boost last year. Merchants also saw a 104% increase in Government-Sponsored Enterprise (GSE) production through Fannie Mae and Freddie Mac, while its Federal Housing Administration (FHA) lending volume held steady.
“I want to send my congratulations to the entire Merchants Capital team, and especially to Dwayne George, whose addition to Merchants in 2020 as head of production made a big impact on our success,” said Michael Dury, president and CEO of Merchants Capital. “I must also send a much-deserved thank you to every single one of our valued clients, whose partnership and trust in us for their financing needs is sincerely appreciated.”
Source: mpamag.com