Upon CharterMac's purchase of Capri Capital Finance, the firm was merged with CharterMac's existing mortgage banking subsidiary, CharterMac Mortgage Capital, formerly known as PW Funding Inc. PW Funding's previous CEO was Ray Reisert, who resigned in 2004, but remained on the company's board. PW Funding was overseen in the interim by the office of the president, which was shared by Neil Cullen, William Hyman and Kelly Schur.

Carter co-founded Capri in 1992 as a small pension fund advisory firm. It grew to a nationwide mortgage banking and advisory firm with more than $7 billion in assets. He continues to serve as vice chairman of Capri Capital Advisors, the pension fund advisory arm, and also serves on its investment committee. Carter was also regional vice president for Westinghouse Credit Corp., the financial services subsidiary of Westinghouse.

Stuart J. Boesky, CEO of CharterMac, feels that under Carter's direction, there will be "a major expansion" of the company's mortgage banking operations. Carter says CharterMac Mortgage Capital hopes to further expand its platform by working with working with its affiliates to offer developers an array of products and capital solutions packages. CharterMac Mortgage Capital oversees more than $9 billion in servicing. Carter will be responsible for strategic direction of the company and he will oversee the firm's investment strategy, credit policy, new business development, as well as the firm's portfolio.