Lender Q&A Cheat Sheet

Lender	Loan Products	Rates/Points	Required Docs	Borrowing Limits	Preferred Client and Deal Type
Urban Partnership Bank	*Residential (Includes purchase/rehab) *Commercial *Construction *Lines of Credit *SBA Loans	*4.5% to 5.25% depending on deal type/borrower experience. *Construction loans higher and tied to LIBOR and/or Prime Rate plus a spread.	No prequalification. Borrower may be asked to provide: *Application *Personal Financial Statement *Certified Rent Roll *2 years tax returns *2 months bank statements *Construction budget	$12 million	Clients making an investment in the communities that Urban Partnership Bank serves and lives in, but will lend throughout Chicagoland
Chicago Investment Corporation	*Takeout term loans for 1-4 units *Purchase/ Rehab loans for multifamily *Mixed use  *SRO and Special Needs Housing *Energy Savers loan/grant program	*4.25% for stabilized buildings *4.75% for rehab/refinance *3% for Energy Savers Program *2 points for rehab deals *3 points for no rehab deals	No prequalification.	$10 million per customer $5 million per deal	Serve the whole spectrum, from first time investors to experienced owners with many units.
Chicago Community Loan Fund	*Predevelopment Construction and Rehab *Housing Cooperative Loan *Equipment and working capital loans *Minipermanent Mortgage loan (for residences or facilities) *Neighborhood Investor Loans	Interest rates vary but are usually below market rate when adjusted for risk.	No prequalification.Loan applications are evaluated based on: *Project feasibility *Fiscal soundness, *Applicant’s management and financial capacity *Community support *Social and environmental impact.	$3 million	2 years of experience preferred. Eligible borrowers include: *Nonprofit corporations *Worker-owned enterprises *Affordable housing or business cooperatives *Mission-driven for-profits and single purpose entities
Wintrust Beverly Bank	*Construction *Purchase/Rehab *Term Loans	*4.25% to 5%  for term (fixed rate) loans    * 30 day LIBOR + 3% to 4% for rehab loans (floating rate debt)   *Usually charge 1 point.	*Personal Financial Statement *2 years of personal tax returns *Property tax returns *Property operating statements *YTD statement *Current rent roll.	$20 million, but typically do business in the $1 million to $5 million range.	Ideal client is a an experienced investor with whom the Bank can build a relationship with through multiple deals. Bank specializes in residential acquisition and rehab as well as industrial buildings, office, and retail property.
Renovo	*Purchase/Rehab Loans *Landlord (Term) Loans	*Typical hard money lending rates.  Depends on borrower experience.	Renovo assesses the borrowers’ credit, income, assets, and proven ability.	Generally $1 million per deal, but flexible	Helping people purchase, rehab, and rent single family homes, but can do up to 4 units.