Our Funding Process
Private Money Lifecycle
1) Borrower Initiates Loan Origination with Cogo Capital
Initial application submission of basic loan information allows Cogo Capital Loan Officers to decide whether to move forward with the loan process or ask for more documentation/skin in the game.
2) Cogo Capital Processes the Loan
Appraisal is ordered through a third party appraisal management company. Documenting gathering, initial collection and verification of detailed information on the Borrower and the Property.
3) Cogo Capital Underwrites the Loan
Full due diligence takes place to determine whether the loan fits the Cogo Capital Criteria.
4) Secured Investment Corp's Legal Reviews Loan Package
Full due diligence packet, borrower, guarantor, and property is sent to legal for final due diligence and review.
5) Secured Investment Corp Funds the Loan
Details of the loan transaction are finalized, closing docs are drawn, and funds are distributed to a third-party escrow company/closing agent.
6) Secured Investment Corp Closes the Loan
Upon closing, signed and notarized documents are returned to Closing Department and sent to post closing.
7) Lake City Servicing Manages the Loan
Lake City Servicing sets up the account. Collects and distributes all payments, sends out billing, late notices, and if necessary, starts foreclosure proceedings.
8) Lake City Servicing Manages Draw, Insurance, and Taxes
Oversees rehab draw disbursements and third party inspections. Tracks insurance and property tax. Prepares end of the year tax reporting.
9) Lake City Servicing Performs Post Closing Process
Confirms receipt of all original and recorded closing documents. Ensures final title policy is received as requested.
10) Lake City Servicing Processes Payoff and Reconveys Loan
Prepares a payoff requested by borrower to be approved by lender. Execute the appropriate documents for release of lien.