Interest Rate and Terms

ENERGY SAVERS LOANS

RATES for CIC Adjustable Mortgages*            

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TERMS:
7 years with up to a 15-year amortization
Personal recourse/guarantee normally required

MAXIMUM LOAN TO VALUE:
90% of value for total debt including the first mortgage balance.  An existing appraisal will be used if available.

MINIMUM DEBT COVER:
1.15 Against all debt.

PREPAYMENT:
NO penalty or “lockout” period

APPLICATION FEE:
$300 (nonrefundable)

FINANCING FEES:
Normally 3% [IMPORTANT: This includes more free services than at a bank; ask a CIC loan officer about it]

Compare your CIC bottom line with other lenders who charge legal and other fees separately.

CONSTRUCTION INSPECTION FEE:
0.75% of construction amount

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

THIRD-PARTY REPORTS:
Appraisal: As noted above, we will use a recent existing appraisal report if available.
Environmental: Phase I on loans over $1 million, or on mixed-use