Episode 45: Community Investment Corporation (CIC) - Chicago's Non for Profit Lender, with Jack Crane

Jan 28, 2021

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For over 35 years, Jack Crane has been providing expertise on financing the acquisition and rehabilitation of commercial real estate. The majority of those years have been spent as Sr. VP of lending at CIC where he is responsible for carrying out the mission to be a leading force in both neighborhood revitalization and affordable housing.

From lending during tough times, to helping analyze risk, Jack explains how CIC has played a predominant role over multiple decades in transforming Chicagoland neighborhoods. Jack also describes how you as an inverter can benefit from CIC's lending programs and experience to better rehab and finance your next investments. If you like what you hear, please share us with a friend and leave us a 5 star rating.

Lending Tip of the Month brought to you by Renovo Financial - https://www.renovofinancial.com/

Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Guest: Jack Crane of Community Investment Corporation

Monthly Tip: Renovo Financial Link: Troubled Building Initiative (TBI) Link: Elevate Energy Link: The Resurrection Project Link: Jack Crane - Senior Vice President - Director of Lending - Community Investment Corporation Link: Caste (Oprah's Book Club): The Origins of Our Discontents Link: AIA | Jack Cassin Link: Property Management Training – Community Investment Corporation

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Guest Questions

Lending Tip of the Month brought to you by Renovo Financial

Landlord Tip of the Week 4:00

Renovo Value Add 5:45

How to get started as a new flipper? 5:50

What is CIC's mission? 10:15

In what way is CIC different from typical lenders? 13:30

Where do the CIC's funds come from? 16:35

What does the typical deal someone brings to CIC look like? 18:20

Are there lending requirements for deals CIC finances? 19:50

Once rehab is complete, do investors need to refinance out of the loan? 21:30

What's the minimum size of property the CIC will fund and what do you focus on? 22:00

What are some everyday type of activities that might qualify for energy grants? 27:00

What are some other reasons investors would work with CIC over other lending institutions? 28:50

Is there any comparison to the 80s uptown and rogers park in today's market? 32:00

What is the resurrection project? 35:13

Wrap Up Questions

What is CIC's competitive advantage? 38:20

What is one piece of advice you'd give a new investor? 38:45

What do you do for fun? 39:10

What is a good self development activity you'd recommend to our listeners? 40:00

Who is one person in Chicago you'd recommend as a quality resource? 40:50

How can we learn more about you? 41:40

Chicago Fact 43:15

Thank you so much for listening. As always, we're here to help YOU. If you want to make the most of your investment, connect with us at https://www.gcrealtyinc.com/.

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Production House: Flint Stone Media