Community Investment Corporation: Financing Options

CIC provides combined permanent and construction financing to rehab multifamily apartment buildings with five units or more providing affordable housing in the six-county Chicago metropolitan area.

"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."

PERMANENT ARM FINANCING

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

FIXED-RATE FINANCING (NEW!)

30-year amortization for 10, 15, 20, or 30-year terms .
Forward rate lock for construction period is available.
Requires as little as 1.15 debt cover, for a loan up to 80% of appraised value .
Loan range from $500,000 to $5 million, usually with no lender's legal costs.

SECOND MORTGAGES

Cover modest gaps between appraised value and cost.
Up to 10% of appraised value above the 80% first mortgage.
Gap loan is 2% higher than CIC’s current posted rate.

CONSTRUCTION FINANCING

Prime plus 2 points for the length of the construction period.
Calculated and collected as a closing cost so that mortgage payments are not made during the construction phase.

Click here for CIC’s current interest rates.

Click here for CIC’s terms and conditions.