CIC addresses changing market with NEW loan product
The new loan is our traditional three-year adjustable rate mortgage with a shorter 10-year term and 25-year amortization. Loan to value is no more than 75%. The initial rate is competitively priced at 4.5%, but will change with the market. Processing time for the loans will be streamlined due to the reduced rehab component. A modest prepayment penalty will apply during the initial three years. While this new loan product is targeted at buildings that need little or no rehab, CIC will continue to offer our standard acquisition/rehab loans for buildings that need more extensive renovation.
For an application or more information on all CIC loan products, contact a CIC loan officer.