Pullium CIC sign crop2

Financing Options

CIC provides combined permanent and construction financing to rehab multifamily apartment buildings with five units or more in Cook, DuPage, Kane, Lake, McHenry and Will counties in Illinois.

“The advantage of CIC is that you go to one place to borrow money for the rehab, and they also make you a loan for permanent financing.” –A CIC customer

NEW CIC 1-4 Unit Rental Redevelopment Loan Program

Provides a take-out term loan for groups (9-unit minimum) of distressed 1-4 unit buildings already purchased and rehabbed by investors to complement public and private redevelopment efforts in low- and moderate-income communities.

To maximize neighborhood impact and to facilitate property management most of the properties should be located in a neighborhood cluster consisting of 32 blocks (approximately 0.25 square mile) in Cook, McHenry, Lake, DuPage, Will, or Kane Counties. For more details, go to this Fact Sheet or contact a CIC Loan Officer.


CIC has a new, faster 3-year adjustable mortgage product for buildings needing little or no rehab. Terms differ from our standard adjustable loan product (below):

  • 10-year term, 25-year amortization
  • 75% loan to value
  • Reduced interest rate; ask a loan officer
  • Modest prepayment penalty during the first 3 years
  • Expedited processing

Permanent ARM Financing

  • 3-year and 5-year adjustable rate first mortgages
  • 10-year term and a 20/25-year amortization
  • Loan amounts from $100,000 to $5 million
  • No prepayment penalty on ARMs

Construction Financing

  • Interest-only at Prime plus 3 points for the length of the construction period
  • Interest included in the loan amount so that mortgage payments are not made during the construction phase

Energy Savers

  • Financing to improve energy- and water-efficiency and reduce utility costs.
  • Offered through a partnership between CIC and Elevate Energy, includes a free, comprehensive building energy assessment and access to rebates and incentives.
  • Up to 90% loan to value and 1.15 Debt Service Coverage Ratio.
  • Couple with CIC permanent ARM financing; same terms and amortization for streamlined monthly payments.

Click here for CIC’s terms and conditions. Call a loan officer at (312) 258-0070 for current rates.

Check Also

Web_Forum Banner 2017

CIC’s 2017 Neighborhood Forum

CIC’s second annual Neighborhood Forum brought together more than 200 building owners, developers, community groups, and ...