Interest Rate and Terms

ENERGY SAVERS LOANS

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CIC now offers three options for financing energy retrofits.  All three are available in the Cities of Chicago and Rockford, and in the Counties of Cook, Lake, McHenry, Kane, DuPage, Will and Kendall.

Option #1) Energy Savers

– 3% fixed rate, 7-year term, 7 to 10 year amortization

Option #2) Energy Savers Plus

– 5% fixed rate, 10-year term, up to 25 year amortization

Energy Savers Loan Guidelines (Options #1 and #2):

  • MAXIMUM LOAN AMOUNT AND BUILDING SIZE: 
    No maximum or minimum loan amounts for Energy Savers loans.  Any residential property with 5 or more residential units is eligible for Energy Savers loans.  Energy Savers loans can be used for a wide variety of energy retrofit measures, including installing renewable energy measures.
  • MAXIMUM LOAN TO VALUE:
    90% of value for the first mortgage balance plus the Energy Savers loan.  A recent existing appraisal will be used if available.
  • MINIMUM DEBT COVER RATIO:
    1.15 against all operating expenses for the property.
  • PREPAYMENT:
    NO prepayment penalties or “lockout” period for Energy Savers loans.
  • APPLICATION FEE:
    $300 (nonrefundable) for Energy Savers loans. 
  • FINANCING FEES:
    Normally 3% for Energy Savers loans [IMPORTANT: This includes more free services than at a bank; ask a CIC loan officer about it.  Compare your CIC bottom line with other lenders who charge legal and other fees separately.]
  • CONSTRUCTION INSPECTION FEE:
    0.75% of construction amount for Energy Savers loans.
  • CONSTRUCTION INTEREST:
    Prime + 3 points or permanent loan rate, whichever is higher.  Charged on funds used during construction phase – for Energy Savers loans.
  • THIRD-PARTY REPORTS:
    Appraisal: As noted above, we will use a recent existing appraisal report if available.
    Environmental: Phase I on loans over $1 million, or on mixed-use.
  • CONTRACTORS: 
    Borrowers can use any qualified contractor that they choose.

Option #3) Multifamily On Bill Energy Savers Loans

– 5.99% fixed rate, 7 to 10 year term and amortization

Multifamily On Bill Energy Loan Guidelines:

  • Unsecured loan, with monthly loan payments included on your monthly utility bill.
  • LOAN AMOUNTS AND ELIGIBLE PROPERTIES:
    5-50 unit buildings that are centrally heated (rentals, condos, co-ops, SRO’s).  Loans from $20,000 to $150,000.
  • MINIMUM DEBT COVER:
    1.15 against all operating expenses for the property.
  • PREPAYMENT:
    No prepayments allowed, except prepayment in full.
  • APPLICATION, FINANCING, and CONSTRUCTION FEES:
    No Application, Financing, or Construction fees.
  • THIRD-PARTY REPORTS:
    Inspection by utility company-designated implementer and CIC.
  • CONTRACTORS: 
    Contractors must be on ‘Approved Contractor’ list (registered with Renew Financial).