SIC Funds

About SIC Funds

SIC Funds is an Elhurst, IL based private money lender providing funding in Chicago. They provide lending solutions for many different situations, including investment property loans, hard money bridge loans, private commercial loans, hard money refinancing, fix-and-flip hard money loans, and ground-up construction loans. Their loan parameters are versatile, including loan amounts ranging from $15,000 to $5,000,000 with a maximum LTV of 75%, terms between 6 months and 18 months, and rates ranging between 7% and 15%. They require their borrowers to have a minimum FICO rating of 600 to receive a loan. They make loans on various property types, including single family units, multi-family units, apartments, office buildings, retail storefronts, hotels, storage buildings, senior housing communities, mixed use buildings, undeveloped land, churches, warehouse spaces, industrial facilities, and medical facilities.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, New Construction Loans, Refinance / Cash Out Loans, Bridge Loans

Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Land, Church, Warehouse, Industrial, Medical

Areas Served: Chicago

Lending Guidelines for SIC Funds

Below are the general loan guidelines published on the SIC Funds 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 SIC Funds.

Loan Example 1

Celia takes a fix and flip loan from SIC Funds in order to remodel a condo to resale in Chicago, IL. The sales price of the property is $310,000. The loan to value (LTV) on the loan is 65%. This means that Celia will bring 35% of the sales price to closing and the principle amount will be $201,500 on the deal. The loan is interest-only, with monthly payments, and is for 6 months at 10% interest with 5 origination points to be paid at closing.

Celia will have to contribute $108,500 to closing (35% on the 65% loan to value), plus she will have to pay the $10,075 origination fee. The monthly interest-only payments will then be $1,679 to SIC Funds. Celia's plan is to complete the project within the 6 months and resell it for $387,500. If she succeeds she will earn a gross profit of $57,350 ($387,500 sales price - $201,500 principle amount - $108,500 down payment - $10,075 origination fee - $10,075 in interest.

Loan Example 2

Bryan is a real estate investor in Chicago, IL. He purchases a run-down townhouse for a rehab project and takes a fix and flip loan from SIC Funds with the following terms:

a) A $330,000 purchase price, b) a 80% loan-to-value (LTV), c) a 12 month term, d) a 9% interest rate, and e) a 4% origination fee.

Based on a $462,000 sales price at the end of the 12 month term, the numbers for this deal would look like this:

$462,000 sales price
- $264,000 note principle (80% LTV)
- $66,000 cash paid at closing (20% on 80% LTV)
- $10,560 origination fee (4% of the $264,000 principle amount)
- $23,760 interest payments (12 months x 9% interest)
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= $97,680 gross profit (doesn't include taxes or rehab costs)

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