Community Investment Corporation

About Community Investment Corporation

Headquartered in Chicago, IL, Community Investment Corporation is an asset-based lender offering funding throughout Chicago. Their lending focus is mainly on hard money loans for commercial properties. Their loan parameters are flexible, including terms up to 10 years and loans with a maximum LTV of 75%. The focus of their lending is on multi-family and apartment buildings.

Loan Types Offered: Commercial Hard Money Loans

Property Types Covered: Multi Family, Apartment

Areas Served: Chicago, Cook County, Dupage County, Kane County, Lake County, McHenry County, Will County

Lending Guidelines for Community Investment Corporation

Below are the general loan guidelines published on the Community Investment Corporation website. Please confirm all terms and rates directly with the lender.

Loan Examples

The following loans are for education purposes only. They do not represent actual loans executed by Community Investment Corporation.

Loan Example 1

To accommodate her small business, Angela decides to buy a new building. After she is turned down for conforming loan from her local bank, she secures a commercial private money loan from Community Investment Corporation. The building costs $290,000. Because there is a 60% loan to value (LTV) stipulated by the lender, the principle will be $174,000. The remaining $116,000 will be be funded by the borrower. In addition, the lender requires a 1 point origination fee along with the 10%, 18 month term on the deal. They agree to not charge a pre-payment penalty in case Angela pays off the loan before it expires. By the parameters of this loan, Angela will need to pay an origination charge of $1,740 at closing (1% x $174,000 principle) and will then begin making payments of $1,450 monthly ($174,000 principle x 10% interest / 12 months per year). Finally, she will make a final payment of the $174,000 principle when the loan expires, or sooner if she chooses to pay off early.

Loan Example 2

Darlene is a real estate investor in Chicago, IL. She locates a run-down property for a remodeling project and obtains a private money loan from Community Investment Corporation with the following paramters:

$370,000 sales price
80% loan to value (LTV)
12 month term
13% interest rate
3% origination fee

Darlene plans to list the project when the note expires for $462,500. If she achieves this goal, the deal numbers will be the following:

$462,500 sales price
- $296,000 note principle (80% LTV)
- $74,000 down payment (20% on 80% LTV)
- $8,880 origination points (3% of the $296,000 principle)
- $38,480 interest payments (12 months x 13% interest)
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= $45,140 total profit (does not include taxes or rehab costs)

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