PR Mortgage & Investments and RICHMAC Funding Rebrand as Merchants Capital
Rebrand strengthens investment in remaining the most innovative, trusted and complete financial solutions company in the industry
CARMEL, Ind., Nov. 1, 2018 /PRNewswire/ -- PR Mortgage & Investments, together with wholly owned subsidiary RICHMAC Funding, LLC ("RICHMAC"), a leading national full-service mortgage banking company, announces its rebrand to Merchants Capital. The comprehensive rebrand renews and elevates the company's commitment to providing and servicing multifamily, senior and student housing.
Merchants Capital will continue to offer all existing financial services, while investing further in brand unity and expert support for its clients. 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, FHA, Fannie Mae and Freddie Mac.
Since its inception in 1990, Merchants Capital has originated and closed more than $11 billion in loans and now services in excess of $8.2 billion. In 2017, the company closed more than $1.7 billion in new loans. As of September 30, 2018, Merchants Capital has generated $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.
"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. "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 trusted "Merchants" brand back into the financial services market. Merchants continues to be recognized as one of the top performing banks nationally by S&P Market Intelligence.
"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, and with extensive expertise and experience, Merchants Capital will always provide customized financial services to its clients and investors.
To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn.
ABOUT MERCHANTS CAPITAL
Merchants Capital, formerly PR Mortgage & Investments (and RICHMAC Funding), is a mortgage banking company with expertise in multifamily, senior and student housing finance. Merchants Capital strives to provide the best origination and service of its loan products with exceptional customer service, accuracy, creativity, speed and conformance to regulations. To learn more about Merchants Capital, visit www.merchantscapital.com.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements which reflect current views of Merchants Bancorp and its subsidiary, Merchants Capital Corp., with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, including those factors identified in "Risk Factors" or "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Merchants Bancorp's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and in its subsequent filings with the Securities and Exchange Commission. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
SOURCE Merchants Capital Corp.
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