19 Nov Direct Money Market Closes $5,197,500 Lot Development Loan in El Cajon, CA
Loan Amount: $5,197,500
Location: El Cajon, CA
Loan Type: Construction–Subdivision Development
Direct Money Market is proud to announce the recent closing of a $5,197,500 senior construction loan to complete horizontal and vertical work of a 26 twin-home project in El Cajon, CA. Direct Money Market secured an 80% LTC senior construction loan that was able to close in just a matter of weeks. Additionally, Direct Money Market arranged a $724,000 mezzanine loan for a total loan amount of $5,921,500 which combined with the senior debt reflects a 91% combined loan to cost.
The developer is now able to finish his project and provide much needed housing in the greater San Diego area.
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