Cogo Capital — The Private Money CompanyReviews of cogocapital.com

The customer service is best with Sergio, but after that I have to patient, because the communication does not flow consistently. For example I submitted a second dispute on an appraisal for 4216 E Michigan St In 46201, For 3 weeks even with request for update I still am waiting. I also find your underwriting to be very inconsistent and indecisive. They will send you 5 stipulations to fix after you fix those 5 they are asking for another set of stipulations.

We went from a 30-day closing to a 60-day closing with no other notice than the loan was stuck in underwriting in a company other than COGO Capital. The loan had been shopped out and COGO's loan officer had no control or influence whatsoever until the other company's underwriter returned it. We were expecting to close end of January and no one could tell us if the borrower had to produce some other document or what needed to be done. I do not think that sending your loans to another company to be underwritten is in COGO's best interest. Also, when my broker fee check was received, it was for 1/2 point. I don't believe I ever asked for only 1/2 point. COGO will have to produce my agreement to such an arrangement. On a positive note, all the points of contact at COGO Capital were very understanding, appreciative, kind and warm.

The only thing that saved this experience for me was Mark Wilson! He stepped in more than a week after we were placed and the ball was dropped, he grabbed the ball and ran with it. He made himself available whenever I needed him to explain things, to chase things, to see what the hold up was in other depts that were not communicating and so on. Without Mark I can tell you I certainly would not have made it to the finish line with Cogo .... Be glad you guys have a loan officer that goes the EXTRA 100 miles because he did go above and beyond and saved out business for you guys.

I don't normally write reviews, but I think it important in this case for those looking to get started in the R.E. investing business. I was contacted by a Rich Rubel after writing a request for funding on Investors Connection. He was very polite and knowledgeable. Explained everything and answered questions. He told me of a $197 application fee. At the end of the conversation I asked him in his opinion what was the chances of my project getting funded, and he replied 100%. The next day my purchase project was sold and I no longer needed that funding. We spoke again and I asked him about getting a funding letter. " No problem" he said, just fill out the application and we will get that done in a few minutes. So, I did. A few days later I received a call from a lady (don't remember her name), she's looking to qualify me for my original project. I explained the change in plans and she said that I would need to get back to Rich for that, and she would have him contact me back. That never happened. After multiple contact attempts via phone calls and text there were no returns. Still receiving solicitations from the company. I have responded to those emails inquiring about the status of things but it seems like they may be just computer generated contacts and not from a real person. So, for what it's worth, be careful. I checked the reviews here before I made the decision to give them a try and thought I was being careful, but, here I am writing this review. $197 is not as important as the disappointing promises and effort.

We've closed lots of deals together but they usually come with headaches and last minute changes/surprises. For a period, Cogo Capital offered the best terms which drew interest but once in underwriting/lender committee those terms were deviated from, which usually resulted in clients being required to bring thousands of dollars more to the table than expected. This occasionally resulted in deals falling through or clients having to find capital partners where they weren't needed originally. There have also been changes in the education plans offered which means education plans that were previously purchased and offered great deals, have a much lower value because new programs come out. Additionally, the benefits we originally paid for don't have the same value because they have been rolled up into another plan. This gives the impression that in order to maintain the benefits that we've already paid for, one must continue to upgrade an education plan. More consistency would be greatly appreciated. Also, I've found a lender who fronts construction cost. If you have a plan that offers this benefit, that would be great. I've found it hard for clients to show the reserve amount for the payments, 10% contingency for construction, bring thousands to the table and still float the draw and wait to get reimbursed. Not everyone has a contractor that can/will float their draws. As for marketing, they are great but I've have problems with their business development consultants (salesmen) calling my leads. People who were actively working with me were contacted immediately after getting a proof of funds letter or just doing a general inquiry from my landing page. Also a couple of my clients were approached and sold on brokering packages which caused them to go from clients to competitions and nothing was done to protect my interest in future deals. I just got cut completely out.

Pros: low loan values allow great deals to be purchased, speed of underwriting Cons: too many reserve surprises, and most importantly draws are exceptionally long to refund after approval(15+ days)