Chicagoland's Leading Multifamily Rehab Lender

Financing Options

Union School conversion to senior housing

 

CIC provides combined permanent and construction financing to rehab multifamily apartment buildings with five units or more in Cook, DuPage, Kane, Lake, McHenry and Will counties in Illinois.

“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.”  –A CIC customer

 

 

 

 Permanent ARM Financing

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

Construction Financing

  • Interest-only at Prime plus 3 points for the length of the construction period.
  • Interest included in the loan amount so that mortgage payments are not made during the construction phase.

Energy Savers

  • Available in the CIC six-county service area plus Kendall County and the city of Rockford.
  • Applies to loans to improve energy efficiency; includes a free energy audit.
  • Reduced-rate loans, currently at 3% [call to confirm] fixed for a 7-year term.

Click here for CIC’s terms and conditions  and  current interest rates.