Senior Underwriter - Multifamily Credit
Carmel, IN Merchants Bank of Indiana
Job Type


Our Senior Underwriter is a people leader role that is primarily responsible for the oversight and development of our Investment Real Estate Credit team’s underwriting analysts and underwriters. This team of 3-4 focuses on the Multifamily credit analysis for the Bank and is responsible for the underwriting of multifamily mortgage loan transactions. This includes onboarding of new credit applications, monitoring the progress of the Underwriters, and review of loan requests prior to Loan Committee submission. You will help train and develop this team as well as work closely with Merchants' originations, closing, and servicing teams. Apply today, if you want to join a team who is proudly ego-free and 100% team-oriented, where, when mistakes are made, we tackle them together. We also prioritize education and training and want to see our people grow and excel. 

In one year as our Senior Underwriter, you will know you were successful if you…

  • Attend new credit kick-off calls, both internally and externally with the client.
  • Lead a team of underwriters and underwriting analysts (including training, providing guidance, and delegating and overseeing the timely execution of tasks and transactions)
  • Review approval narratives prior to Loan Committee submission to ensure the application request meets Bank’s credit standards and all risks and mitigants are addressed.
  • Manage communications among a diverse mix of internal and external participants including borrowers, equity investors, production, legal (internal and external), and loan approvers.
  • Collaborate with closing analysts to confirm the adequacy of due diligence (DD) for the loan file.
  • Work extensively with Microsoft Excel in financial models as it relates to the underwriting and flow of funds on transactions.
  • Alongside the entire deal team, review amendment requests and closing documents to ensure clear to close.


What we are looking for…

  • Minimum of 5-7 years of underwriting experience required within the multifamily real estate industry. 
  • Strong knowledge of or the desire to learn the nuances of affordable housing, bond and LIHTC transactions.
  • Ability to analyze real estate projects for feasibility including developing and modeling construction budgets, operating pro formas, reviewing appraisals and other 3rd party reports, analyzing market factors, completing sponsor analysis as well as identifying and mitigating transaction risks.
  • Bachelor's degree in finance, real estate, or related field preferred.
  • Excellent skills in working with Microsoft Word, Excel, and Outlook are a requirement


Merchants Capital’s Mission is to provide innovative financing solutions that support the accessibility and affordability of multi-family housing. Merchants Bank of Indiana (“MBI”) is a diversified bank holding company with over $10 billion in assets and focuses primarily on multiple real estate lines of business. Merchants Capital (“MCC”) is a wholly owned subsidiary of MBI and is one of the nation’s top financing providers for refinance, acquisition, new construction, and substantial rehabilitation of multifamily, affordable, senior, and student housing. This role maintains a unique position of working across both organizations, leveraging the financial strength and performance of MBI along with the industry-leading originations and servicing platform of MCC.  Together, we provide innovative financing solutions that support the accessibility and affordability of multifamily housing. 

Proudly named to the Best Places to Work in Indiana list seven years in a row, we strive to create a work environment that rewards hard work and strong performance while encouraging a positive work-life balance. At Merchants, we believe our people make the difference in our business and are key to building and maintaining our success.