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Covercy

Covercy

Overview

What is Covercy?

Covercy is a Banking-Embedded Investment Management Platform built for commercial real estate investment firms. It offers automated distribution & capital call payment processing, an Investor Portal, and APY yielding checking accounts.

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Recent Reviews

Recent Covercy user

8 out of 10
March 12, 2024
Incentivized
Covercy was used to make international money deposits from Israel to other western countries, including the UK, France, Germany, and the …
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Reviewer Pros & Cons

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BS
Bruce Stern
Managing Partner
Red River Asset Management, LLC (Real Estate, 1-10 employees)
Verified User
Manager in Research & Development
Hospital & Health Care Company, 51-200 employees
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Pricing

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Entry-level set up fee?

  • No setup fee
For the latest information on pricing, visithttps://www.covercy.com/pricing

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

Starting price (does not include set up fee)

  • $238 per month
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Product Details

What is Covercy?

Covercy is a Real Estate Syndication Management Software where banking meets investment management, for commercial real estate investment firms. It offers automated distribution and capital call payment processing, an Investor Portal, and APY yielding checking accounts.

Covercy is a banking-embedded investment management platform designed for the CRE (Commercial Real Estate) space. This platform is at the intersection of investment management and financial services. Covercy helps CRE investment firms with HNW (High Net Worth) investors grow their AUM (Assets Under Management). The Covercy SaaS platform manages real estate investment assets from fundraising to distribution of payments. The software tool streamlines investment management operations, automates fund distribution and empowers HNW and family office investors through a high-end investor portal. Covercy combines mission critical financial services with investor administration.

Managing payments can be a hassle for real estate GPs (General Partners). The Covercy Platform automates every step of the distribution process:

  1. Calculates the distribution amount

  2. Executes the payment (moves money securely)

  3. Auto-notifies the investors

  4. Auto-reconciles the distribution

  5. Becomes a system of record

Covercy was founded as a foreign currency exchange business in 2015. The majority of the transactions were for commercial real estate. The vendor states that upon further investigation, there was a gap in the marketplace for investment management with embedded financial services, and so their Investment Management platform with its fully-functional investor portal was born.

Covercy Features

  • Supported: Fundraising Management with online payments
  • Supported: Automated Waterfalls to calculate distributions
  • Supported: Investor portal

Covercy Competitors

Covercy Technical Details

Deployment TypesSoftware as a Service (SaaS), Cloud, or Web-Based
Operating SystemsUnspecified
Mobile ApplicationNo
Supported LanguagesEnglish

Frequently Asked Questions

Covercy is a Banking-Embedded Investment Management Platform built for commercial real estate investment firms. It offers automated distribution & capital call payment processing, an Investor Portal, and APY yielding checking accounts.

Covercy starts at $238.

Juniper Square, RealPage Investment Management, and AppFolio Investment Manager are common alternatives for Covercy.

Reviewers rate Availability highest, with a score of 8.3.

The most common users of Covercy are from Small Businesses (1-50 employees).
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Comparisons

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Reviews and Ratings

(30)

Attribute Ratings

Reviews

(1-4 of 4)
Companies can't remove reviews or game the system. Here's why
March 25, 2024

Simple and powerful investor communications.

BS
Bruce Stern
Managing Partner
Red River Asset Management, LLC (Real Estate, 1-10 employees)
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Use Cases and Deployment Scope
Covercy allows us to have one platform that address all our company's investor relations needs: reporting, issuance of quarterly distributions via ACH, posting of investor tax documents, and automatic calculation of preferred returns and cash flow waterfalls. The platform is the perfect balance of depth of features and ease of use.
Pros and Cons
  • Customer service
  • Integration of a banking with the platform
  • User-friendly interface
  • The user interface is very good, but it is not completely intuitive.
Likelihood to Recommend
Making online distributions via ACH is a somewhat unique feature of this investor portal. We have used other investor platforms, but they required that we had to issue checks for quarterly distributions. That was costly and time consuming.

Also, the pricing is very reasonable. A single property on Covercy costs about a third of the price that we were charged by a competitive platform. For smaller portfolios, Covercy is a very cost-effective option.
Most Important Features
  • The ability to make quarterly distributions directly to investors via ACH.
  • Ease of use
  • Price per investment
  • Customer service
Return on Investment
  • Automating distribution payments,
  • Streamlining investor communication
  • Increasing investor satisfaction and confidence with our company as a sponsor.
Ease of Use
Covercy has raised the level of professionalism of our organization in the eyes of our investors.
February 27, 2024

First time real estate project with Covercy

Verified User
C-Level Executive in Finance and Accounting
Real Estate Company, 1-10 employees
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Use Cases and Deployment Scope
Covercy has been instrumental in streamlining our organization's real estate investment management processes. By leveraging their robust platform, we've addressed the complex challenges of payment distribution and fundraising efficiency. Our use case encompasses the entirety of our investment operations, from handling investor contributions to executing payouts, and managing our financial records within their secure, intuitive environment. Covercy's solution has significantly reduced the administrative burden on our team, allowing us to focus on growth and investor relations. The seamless integration with banking systems and real-time financial oversight has boosted our operational transparency and investor confidence. Moreover, their customer service has been exceptional, providing timely and insightful support whenever needed. Overall, Covercy has enhanced our operational efficiency and has become an indispensable tool for our real estate financial management.
Pros and Cons
  • Technical support whenever I didn’t understand something
  • Collect payment from partners
  • Lp portal
  • Covercy could benefit from enhanced report and dashboard customization options to better cater to the specific analytical needs of different organizations.
Likelihood to Recommend
It was my first real estate project. I got a complete work frame of how to do it perfectly from the start
Most Important Features
  • Keeping everything in order
  • Simple and efficient communication with lp
  • Distributions and contributions management
Return on Investment
  • Cut my financial control time investment by 75%
Reliability and Availability
10
Every time I needed help some got back to me immediately
Other Software Used
February 27, 2024

Better your investing with Covercy!

Verified User
Executive in Corporate
Real Estate Company, 1-10 employees
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Use Cases and Deployment Scope
We use Covercy to manage our real estate investors, their reports and distributions. We found that other platforms were very expensive likely due to all of the unnecessary features included. Covercy is a simple to use platform that our team and our investors can easily navigate. Our biggest need was a simple way to distribute cashflow, and Covercy provides that.
Pros and Cons
  • Clean interface
  • Easy banking
  • Investor tracking
  • More detailed waterfall calculator
  • Previously sending wires (now integrated)
Likelihood to Recommend
Covercy is well suited in real estate investment/syndication and likely many other forms of investment where there are multiple investors to keep track of and distribute funds to. It could certainly be adapted to VC type investment, it would just require a slight change to the backend.
Most Important Features
  • Distributions
  • Banking
  • Return Calculations
Return on Investment
  • Reducing liability of storing bank accounts and private info has been very important. No particular affect on return.
  • Sharing reports en-masse has saved significant time.
Ease of Use
Using Covercy has led to an increase in investor trust and simplicity on the investment side. Tasks that would've been frustrating otherwise, were simplified into one platform to manage it all.
Reliability and Availability
8
I rarely have any downtime with Covercy. When there are any issues, I can email support and they usually get back to me within a day.
Alternatives Considered
Most of them provide similar functions, but for me it was a matter of simplicity and cost. Covercy makes the most sense for our team and for our investors. The lighter our spend, the lighter our fees can be.
Other Software Used
May 30, 2022

Covercy for Private Real Estate Investor Funds

SS
Sadie Swisher
Operations Manager
Profusion Fund Management, LLC (Real Estate, 1-10 employees)
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Use Cases and Deployment Scope
We use Covercy as an investor portal for our private real estate fund investors. It allows them to see their personal investment in our private fund, as well as all the assets held within the fund. We also utilize it for outside investors who invest in individual assets alongside the fund, but who are not invested in the fund itself. It allows us to distribute quarterly reports within minutes to all investors, send distributions directly to client bank accounts (we used to mail checks), and post information about current and new investments along with updated photos on development projects.
Pros and Cons
  • Distributions to clients are easy and straightforward
  • Customer service is quick to respond
  • Updating and adding new assets is very easy
  • Return information is set within hard parameters, we can't show investors their return growth after our year-end NAV update.
  • You can't distribute new reports to individual investors or specific clusters of investors.
Likelihood to Recommend
Distributions to investors have become much easier for us with the direct deposit feature. Capital calls will be much easier once they roll out the capital call feature. Quarterly report distributions are much easier for us. We update our NAV at the end of each year but unfortunately cannot show investors their return growth from the NAV update. Instead, it shows the NAV as invested capital, which affects return metrics.
Most Important Features
  • Direct deposit
  • Report distribution
  • Investor capital information - how much was put in, distributed, etc.
Return on Investment
  • The ROI I can provide is for time management. It saves us at least 2 days' worth of work each quarter on capital distributions alone, and at least 30 minutes on each report distribution. Not to mention the amount of time it saves us on fielding client questions regarding their capital because they can just log in and see everything on their portal.
Alternatives Considered
I don't remember the names of the other products we looked at, but Covercy was much more cost-effective than the other 3-4 products we demoed and offered a more holistic service.
Other Software Used
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