Merchants Capital at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the D grade breaks down
Each component is a percentile rank among 220 investment-property lenders. Higher is better. Components the lender does not report are left out and the weights redistributed.
Approval oddsdecision denial rate, weight 45%
20th12.5% deniedProcesswithdrawn + incomplete share, weight 15%
23rd13.3%Trend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 126 | 89 | 10.3% | 12.5% | — | $2.2B |
| 2024 | 115 | 96 | 9.6% | 10.1% | — | $1.9B |
| 2025 | 120 | 91 | 10.8% | 12.5% | — | $2.7B |
What Merchants Capital lends
Applications by purpose and loan type in 2025, with the denial rate for each. A lender's mix explains a lot of its headline rate: HELOCs and FHA loans are denied far more often than conventional purchase loans.
By loan purpose
By loan type
Also: 0 home-equity lines, 0 reverse mortgages, 0 manufactured homes, 120 investment properties.
Where Merchants Capital lends
22 states and 72 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| Indiana | 35 | 25 | 14.3% | — | #393 |
| New York | 14 | 13 | 7.1% | — | #438 |
| Florida | 8 | 4 | 12.5% | — | #989 |
| Illinois | 8 | 4 | 25.0% | — | #705 |
| Texas | 8 | 5 | 0.0% | — | #992 |
| California | 6 | 5 | 16.7% | — | #784 |
| Ohio | 6 | 6 | 0.0% | — | #681 |
| North Carolina | 5 | 4 | 0.0% | — | #754 |
Frequently asked questions
Merchants Capital denied 12.5% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 20th percentile of investment-property lenders.
In 2025, 23% of its applications were for home purchases, 59% for refinancing (including cash-out), and 18% for home improvement or other purposes. By loan type: 60% conventional, 38% FHA, 0% VA.
Every figure on this page comes from the Home Mortgage Disclosure Act (HMDA) Loan/Application Register published by the CFPB, which lenders are required by federal law to file. We add the grade and the comparisons; we do not add facts.