Community Investment Corporation: How to Apply

HOW TO APPLY FOR A CIC LOAN

The Process: From Applying to Closing

1) ASSEMBLE the application package

Complete the entire application package and attachments
Include the contractor narrative, sworn statement and bids. A revised sample contractor narrative and a sworn statement form are here (instead of the one in the application package).

2) SUBMIT the application package

Contact a loan officer to schedule an appointment
Submit a completed application, rent roll/expenses and tax bill (if available) for the property
Include a $250 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 (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.