Congratulations! We are ready to work with you. Call (312) 258-0070 or email lending@cicchciago.com to connect with a loan officer today. You can also learn more about our loan products.

No. CIC is a nonprofit mortgage lender for multifamily apartment buildings in the Chicago region. We do not manage or lease apartments.

CIC primarily looks at the building’s cash flow to assess whether it supports the proposed loan. CIC also considers the strength of the borrower and their management and ownership experience.

Yes, as long as the building also has residential units and the income derived from the residential portion is greater than that of the commercial units. This includes mixed-use building with first floor retail spaces. CIC cannot lend on properties without a residential component.

No, not unless you are financing a portfolio of 1-4 unit properties with a minimum of 9 total units. CIC is primarily a multifamily lender that focuses on buildings five units and above.

No. If the building is in good condition, we can provide an acquisition-only or take-out loan.

Yes. CIC’s construction staff will provide an evaluation of the financial condition and reputation of your contractor.

No. Because contractors do not work for CIC, we cannot control the quality of work or timeliness of its completion. We do, however, evaluate any contractor you have selected as well as the scope of work to be performed on the building.

Interest Rate
Since CIC provides three- and five-year adjustable rate loans, the interest rate varies. For example, on a three-year ARM, the interest is a combination of the three-year Treasury security rate plus a margin. Please call a loan officer to inquire about current rates.

Terms & Amortization
CIC typically uses a 10-year term and 25-year amortization schedule for its financing products.

Money Down
Typically, CIC lends up to 80% of the after rehab value, requiring borrowers to contribute 20% in cash equity. There are programs and special circumstance when CIC can be more flexible. Please call CIC and ask for a loan officer to explain our additional programs.

CIC also considers market appreciation as a form of equity. In most instances, we attempt to include even the loan fees in these deals to lower the amount of borrower cash required at closing.

Borrowers are responsible for a $300 application fee as well as appraisal and inspection report costs, which vary based on the size of the building. As with all banks, CIC charges a loan fee or points at closing. CIC’s loan fees are competitive with the market. Please call a loan officer for an estimate.

CIC’s loan process takes about 45-60 business days. Timely completion and submission of required documents will greatly reduce your processing time.

CIC does NOT have a minimum credit score but we do review your credit. We typically do this at the end of the process and will always notify you before reaching out to credit agencies.

For multifamily buildings that are in bad condition, CIC’s affiliate (Community Initiatives, Inc.) can work with local communities to add the building to the City of Chicago’s Multifamily Troubled Buildings Initiative. We can also help to address failed and fraudulent condo conversions. Contact the Director of CII to learn more.

Yes, please review our current list of properties for sale to learn more.

CIC offers a comprehensive class on the basics of residential property management. We also offer single-topic sessions geared toward both aspiring and existing owner-operators. All of our trainings are currently offered in a virtual learning environment. Learn more and check out our schedule of current classes.