Building better neighborhoods is what CIC is all about. We do this by providing financing in areas that need it most, and by helping our customers achieve their business goals. Under the CIC roof you will find a one-stop shop for financing, construction oversight, and servicing assistance.
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loan options
For more than 30 years, multifamily lending has been CIC’s core business. Our multifamily acquisition, rehab, and refinance loans are for properties with five or more units. Get expert construction advice and personalized, hands-on customer service.
Term
10 years
Amortization
25 years
Loan-to-value
Up to 80%
Debt coverage
1.25 minimum
Security
First mortgage on the property
Prepayment
No prepayment penalty
Recourse
Full recourse to the borrower
Service area
Chicago, suburban Cook County, DuPage, Kane, Lake, McHenry, and Will Counties
Eligible Properties
Multifamily (5+) units, mixed-use, cooperatives, SROs and special needs housing
Project Highlight:
Using its Regular Multifamily Program, CIC financed the purchase and minor maintenance repair of this well-maintained property, ensuring the property remains in good condition for its tenants.
- Loan Type: Multifamily Acquisition-Rehab
- Loan Amount: $1,040,000
- Number of Units:14
- Style: Three-story, corner brick building
- Location: Woodlawn
An energy retrofit can reduce gas, electric, and water usage up to 30%.
That’s up to $10,000 in annual savings for a typical 24-unit building. CIC’s flexible energy loan options will fit your needs – and help you start saving. Bundle energy conservation expenses into an overall acquisition/rehab or refinance loan to finance your practical retrofit work: replace a boiler, improve air sealing and insulation, install a high-efficiency water heater, and more. Receive a free comprehensive building assessment and access to utility grant funds through CIC’s Energy Savers program.
Term
10 years
Amortization
25 years
Loan-to-value
Up to 90%
Debt coverage
1.15 minimum
Security
First mortgage on the property
Prepayment
No prepayment penalty
Recourse
Full recourse to the borrower
Service area
Chicago, suburban Cook County, DuPage, Kane, Lake, McHenry, and Will counties.
Project Highlight:
Using the JPMorgan Chase grant as well as other sources, this owner upgraded her property to enhance energy efficiency and protect against water damage. Improvements included high-efficiency toilets and faucets, new gutters and
downspouts, basement interior drain tiles, and flood control measures.
- Loan Type: Energy and Climate Resiliency Grant
- Loan Amount: $10,000 grant
- Number of Units:6
- Style: Three-story, brick walk-up building
- Location: Chatham
Feeling priced out of strong markets? CIC’s low-cost Mezzanine Debt offers flexible financing options for developers looking to purchase or refinance existing rental properties in higher-cost markets. With our new lower rates and accommodating loan terms, we encourage prospective clients to contact us directly to take advantage of CIC’s Mezzanine Debt Loan product.
Term
10 years
Amortization
Interest only (for mezzanine debt)
Loan-to-value
Up to 90%
Prepayment
No prepayment penalty
Eligible Properties
Existing, functioning multifamily rental buildings
Project Highlight:
This project enabled an established CIC borrower to preserve affordable units in a
strong suburban market.
- Loan Type: OIF Mezz Debt
- Loan Amount: $750,000 first mortgage and $100,000 in OIF mezzanine debt
- Number of Units: 8
- Style: Two-story, California-style brick walk-up building
- Location: Oak Park
Low-cost construction loans for local owner-developers to rehab or build new homes in Woodlawn.
Available for both multifamily rental and single-family, 2-4 unit for-sale projects.
CIC administers the SRO Preservation Loan Program authorized under a Chicago City Council ordinance passed in April 2022. Under this program, CIC provides construction loans to new buyers or existing owners of SRO housing. After construction is complete, up to $15,000 per unit will be paid off using City of Chicago grant funds.
Program details:
- Up to $15,000 of grant assistance per SRO unit on eligible projects
- Grant funds not to exceed 50% of total development costs
- Acquisitions costs within one year of closing can be included in the total development cost
- Units subject to affordability restrictions for 15 years
- Additional eligibility and program requirements may apply
TIF Purchase Rehab grant funds are available to cover up to 50% of total development costs for eligible projects within designated TIF districts. Contact CIC to learn more.
Through support from the Steans Family Foundation and Wintrust, CIC offers low-cost construction loans and mezzanine debt to support the preservation and improvement of naturally occurring affordable housing in the North Lawndale community area.
This fund is designed to catalyze investment and improve housing conditions while maintaining long-term affordability in the neighborhood.
Term
10 years (first mortgage), Up to 5 years (mezzanine)
Loan-to-value
Up to 90%
Debt coverage
1.15
Security
First and second mortgage on the property
Prepayment
No prepayment penalty
Recourse
Full recourse to the borrower
Service area
Projects located within the North Lawndale community area
Eligible Properties
Multifamily rental buildings with 5+ units (1–4 units may be considered on a case-by-case basis)
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How to apply
We’re excited to partner with you on your rental project. Whether you’re looking to purchase, rehab, refinance, or make energy efficient improvements, we have a lending solution for you. Our loan officers will work with you throughout every step of the process.
Contact a loan officer
We’re ready to talk to you about your next project. Call us at 312.258.0070 or email us at lending@cicchicago.com.
Review materials
Your loan officer will provide you a unique link to our online application. In the meantime, review the documents and checklists below to prepare for your application.
Submit application
Once you’ve worked with a loan officer, you will submit your application through our user-friendly online portal. After submission, you will hear back from your loan officer to discuss and review next steps.
Sample Loan Application and Supporting Materials
View and download the sample CIC loan application and supporting materials.
Sample Loan Application Materials
Welcome Letter
English
Spanish
Loan Processing Guidelines & Submission Checklist
English
Spanish
Loan Application
English
Spanish
Personal Financial Statement
English
Spanish
Operating Statement
English
Spanish
Schedule D–Real Estate Owned for Investment Purposes
English
Spanish
Required Construction Forms
If you’re doing a rehab project you’ll need the following documents:
Standard Construction Checklist
English
Spanish
Contractor Information Form
English
Spanish
Contractor Sworn Statement
English
Spanish
Construction Narrative
English
Spanish
Rehab Checklist
English
Spanish
Rehab Performance Standards
English
English 
Spanish