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FAQs

How do I get started?

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Can I contact a loan officer directly?

Each of our loan officers are assigned to a territory. Once you connect with us, your territory loan officer will be in contact with you shortly.

How long does it take to get a loan?

Timely decisions are critical for business. Depending on the project, borrower, and elected partner, new lending relationships are typically formed and loans are closed within a month.

What rates are available?

Builders know that rates are tied to risk and review. Construction loans are typically variable rate loans. CoFi’s rates fall in line with the Wall Street Journal Prime (WSJP) rates.

How much equity do I need to get a loan?

CoFi typically requires 75% loan-to-value (LTV) and up to 85% loan-to-cost (LTC). However, equity requirements vary based on the goals and desired outcomes of the project. CoFi will seek to understand your position and your project to determine what LTV/LTC requirements apply to your project. To learn more about loan rations, visit our blog post. [Link to the evergreen blog on finance ratios]

How are my draws paid?

Draws with CoFi can be paid via ACH, Check, Wire, or Account Transfer* (if available).

Do I need an appraisal?

An appraisal is an important part of real estate, estimated project value, and construction lending process. CoFi requires a third party to run an appraisal on all properties and projects. We utilize an appraisal management company (AMC) to source local appraisers in the area for each project we fund.

How does the software correspond with my loan?

CoFi is a technology platform focused on automation and innovation. This easy-to-use, cloud-based software automates the draw process while notifying users when critical action is needed.

How does the software correspond with my loan?

CoFi is a technology platform focused on automation and innovation. This easy-to-use, cloud-based software automates the draw process while notifying users when critical action is needed.
CoFi software is a resource used to keep all draw documentation in one place, allowing for quicker review times, which in turn speeds up funding.

Did you know that we have our very own in-house software?

CoFi provides an in-house draw submission platform that replaces the traditional paper process. CoFi Software includes budget tracking, real-time approval notifications, digital lien waivers, and more to keep your project on track.
With CoFi, you can efficiently manage all draw submissions down to the penny for each subcontractor.
For more information on how CoFi Software works, please visit our solutions portal!
Solutions Portal