How To Apply for a CIC Loan
The Process: From Applying to Closing
1) Assemble the application package
- Read the Terms & Conditions for a CIC loan.
- Complete the entire application package and attachments. This document includes forms for the personal financial statement, construction plan narrative, contractor sworn statement, and the formal application for a loan.
- Include the contractor narrative, sworn statement and bids. For a sample, filled-out narrative form, click here, and for a sample filled-out sworn statement, click here.
2) Submit the application package
- Contact a loan officer at (312) 258-0070 to schedule an appointment
- Submit a completed application, rent roll/expenses and tax bill (if available) for the property
- Include a $300 check for the nonrefundable application fee
3) Process the application package
- CIC construction staff will contact you to schedule a time to visit the building to assess its overall condition and verify the completeness of the rehab paperwork submitted.
- After the rehab paperwork is approved, an appraisal is ordered for the building. The appraisal fee (which varies according to project size) is collected at this time.
- Loan underwriting begins as soon as a complete application is received. Receipt of the appraisal completes the underwriting process.
- Once the loan is approved a commitment is sent and you will have 14 days to sign and return the commitment letter along with the commitment fee (1/2 of total points charged).
4) Close the approved loan
- Contact CIC to schedule a closing as soon as you receive the commitment.
- Upon receipt of the signed commitment letter and fee, CIC will begin to prepare the necessary closing documents.
Click here to get to our Resources section which will allow you to download the Rehabilitation Checklist, Property Management manual and other useful publications.
“CIC provided rehab advice and other valuable assistance. They helped us get together with community groups to work on problems in the area where our property is located.” –A CIC borrower
Worry-free acquisition and rehab!
Our in-house financing, construction reviews, closing and servicing functions…
- Help borrowers understand their financing options
- Give direction to first-time property buyers
- Help link borrowers with government agencies and programs
- Inspect the borrower’s building
- Review the scope of work
- Expand and refine scope of work required for the building
- Evaluate the financial condition and reputation of the contractor
- Help review and prepare construction documents
CIC’s closing staff prepares all required documents, lowering legal costs to borrowers.
Our experienced servicing staff maintains frequent contact with borrowers, and they can assist you with various issues that may arise during the construction phase, including property management, insurance and taxes.