Frequently Asked Questions

What types of loans does CoFi service?

Any construction loan with a payment schedule. The most common construction loans are residential, commercial and SBA.

How long does it take to get set up?

Typically, new software implementations for financial institutions can take months of work. Fortunately, CoFi onboarding is simple. Most FI's can be live within 3-5 days.

Onboarding a contractor takes less than 5 min, and can be done on a mobile device.

Does CoFi integrate with Core software providers?

When you use the payment piece of CoFi, all transactions are marked on your GL and correlated to the appropriate account in your core system. We have intentionally stayed away from full integrations with Core providers so we can build innovative solutions for our clients faster.

Do you provide physical inspections of properties?

Yes! We have our own network of inspectors all over the US. We can provide inspections on a monthly basis or on-demand. We inspect residential and commercial properties.

Do contractors interact with CoFi?

Like FI's, contractors are frustrated with the payment process and are looking for solutions. Our FI's average over 90% adoption rate from contractors. Contractors also use CoFi as a stand alone product to help them pay their subcontractors in an easier way. The future of construction finance is digital and contractors trust CoFi for their payment needs.

Do borrowers interact with CoFi?

Yes. Before CoFi borrowers interacted with their finances on their projects primarily via paper and confusing spreadsheets. With CoFi they now have a cloud based portal to manage their project finances.

Do developers interact with CoFi?

Yes. Developers are able to participate or own the financials of a project.

Does a GC, or borrower see all the financials?

As the FI, you choose how contractors and borrowers interact with and view the finances.