Merchants Capital in Indiana vs the state
14.3%Denial rate-2.28 pts vs state
16.7%Decision denial rate-3.47 pts vs state
71.4%Origination rate+9.18 pts vs state
—Median rate
—Rate spread (pts)
—Median applicant income
25Loans originated
5Denied
Trend in Indiana
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2023 | 17 | 10 | 29.4% | — | #453 |
| 2024 | 21 | 18 | 9.5% | — | #445 |
| 2025 | 35 | 25 | 14.3% | — | #393 |
What Merchants Capital lends in Indiana
By loan purpose
By loan type
Where in Indiana
Counties with the most Merchants Capital applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| Marion County | 15 | 10 | 3 | 20.0% |
| Hamilton County | 3 | 2 | 1 | 33.3% |
| Monroe County | 2 | 2 | 0 | 0.0% |
| Tippecanoe County | 2 | 1 | 1 | 50.0% |
| Allen County | 2 | 1 | 0 | 0.0% |
| Hancock County | 2 | 2 | 0 | 0.0% |
| St. Joseph County | 1 | 0 | 0 | 0.0% |
| Elkhart County | 1 | 1 | 0 | 0.0% |
| Bartholomew County | 1 | 1 | 0 | 0.0% |
| Dearborn County | 1 | 1 | 0 | 0.0% |
Other large lenders in Indiana
| Lender | Grade | Applications | Denial rate | Median rate |
|---|---|---|---|---|
| Rocket Mortgage | C | 13,503 | 18.6% | 6.75% |
| Ruoff Mortgage Company | A | 8,860 | 4.0% | 6.75% |
| Fifth Third Bank | D | 8,693 | 27.6% | 7.75% |
| United Shore Financial Services | B | 8,659 | 12.2% | 6.38% |
| Freedom Mortgage | B | 5,454 | 8.9% | 6.25% |
| Newrez | D | 5,421 | 18.2% | 6.63% |
| First Merchants Bank | C | 5,114 | 19.9% | 6.76% |
| Fairway Independent Mortgage | B | 4,813 | 7.4% | 6.75% |
| Mortgage Research Center | C | 4,791 | 19.0% | 6.25% |
| PNC Bank | D | 4,724 | 25.1% | 7.55% |
Frequently asked questions
Indiana: 35 applications in 2025, of which 25 were originated and 5 denied.
14.3% of all applications, or 16.7% of the applications it actually decided on. The Indiana statewide average across all lenders was 16.6%.
This lender did not report interest rates on its originated loans (some institutions are exempt from HMDA pricing fields).
About this data. Figures are Merchants Capital's own HMDA filing for properties located in Indiana, 2025. The grade is national; state-level figures are shown for context and are not separately graded. Methodology