TERMS:                                                                   

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

MAXIMUM LOAN TO VALUE:
  80% of projected after-rehab value for 3-year adjustable loans;

70% of projected after-rehab value for 5-year adjustable loans

MINIMUM DEBT COVER:
  Normally 1.25

PREPAYMENT:
  NO penalty or "lock in" period

APPLICATION FEE:
  $250 (nonrefundable)

FINANCING FEES:
  Normally 3%  [Includes more services than usual; ask a CIC loan officer about it]

  Negotiable for loans over $1 million

Compare your CIC bottom line with other lenders who charge

legal and other fees separately.

CONSTRUCTION INSPECTION FEE:
   0.5% of construction amount

CONSTRUCTION INTEREST:
   Prime + 3 points or permanent loan rate, whichever is higher

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

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