TERMS:                                                                                 

Usually 20 years with a 25-year amortization
Personal recourse/guarantee normally required

TERMS: 

10,15,20, or 30 years; 30-year amortization

Personal recourse/guarantee normally required

Forward rate locks up to 30 months available

MAXIMUM LOAN TO VALUE :
Normally 80% based on projected after-rehab value;

occasional exceptions made for unusual circumstances

Same as ARM

MINIMUM DEBT COVER:
Normally 1.2

MINIMUM DEBT COVER:

Normally 1.15

PREPAYMENT:
NO penalty or "lock in" period

PREPAYMENT:

Prepayment penalties apply; discuss with your loan officer.

APPLICATION FEE:
$250 (nonrefundable)

Same as ARM

FINANCING FEES:
Normally 3% 

[Please ask a CIC loan officer what this includes]

Negotiable for loans over $1 million

Compare your CIC bottom line with other lenders

 that charge legal and other fees separately

FINANCING FEES:

Normally 1% 

[Please ask a CIC loan officer what this includes]

Negotiable for loans over $2 million

Compare your CIC bottom line with other lenders

that charge legal and other fees separately

CONSTRUCTION INSPECTION FEE:
0.5% of construction amount

Same as ARM

THIRD-PARTY REPORTS:
Appraisal: Varies according to project size

Environmental: Phase I on loans over $1 million, or on mixed-use

Same as ARM