About Us
Why we built CoFi.
CoFi was created out of necessity. The Real Estate market crash of 2008 that caused many financial institution failures led to many lenders and their regulators creating checkpoints and systems that protect the lenders from taking on too much risk. These systems and processes for paying on construction loans have also created a labor intensive, non-automatic, approach to managing their portfolios. Recognizing the pain lenders experience every day, CoFi knew there had to be a better way.
Meet the TeamOur Vision
Construction lending has remained mainly unchanged for decades and is ripe for the introduction of technology. Lenders large and small are using paper based systems, static spreadsheets, and more and more employees to manage their construction portfolio. CoFi simplifies lenders internal payment process, helps them connect with their borrowers, and scale their construction portfolio.
“Subcontractors must routinely wait 60 days or longer to get paid for the materials and labor they put into projects prior to getting paid. Several previous studies have found that subs will cut their prices substantially —by 5% or even more— if they can reliably get paid faster. CoFi addresses this pain point by verifying, digitizing and organizing monthly progress payment documents and managing inspections for the contractors that assemble the monthly progress payment requests and the banks that ultimately release monthly construction loan draws. Blackhorn was excited to invest in CoFi based on their innovative business model, passionately focused team, and excellent strategic execution.”
Raymond Levitt–Blackhorn Ventures
Our Amazing Team
With years of experience in construction and development, we provide the expertise and understanding to ensure success for everyone involved.
For lenders and contractors, CoFi is the common-sense construction finance solution that naturally establishes trust between parties.
