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.
NEW LOAN PRODUCT WITH LITTLE/NO REHAB
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.
- 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.
- Available in the CIC six-county service area plus Kendall County and the city of Rockford.
- Applies to loans to improve energy efficiency; includes a FREE energy audit.
- Reduced-rate loans, currently at 3% [call to confirm] fixed for a 7-year term.
Click here for CIC’s terms and conditions. Call a loan officer for current rates.