Rental Property Investor · West New York, NJ · Member since 2018 · 72 posts · 31 votes
Hi Everyone - looking into lending options and was curious to see if anyone has used either the SoFi or SunGuard personal loans to finance the rehab portion of a flip or buy and hold? Looking through their application, you're able to use these funds for home renovations, and if you qualify you're able to get up to $100k. I'm just curious on the process - how long it takes to get the funds, do you need to provide estimates, is there and early repayment penalty, etc.?
Investor · Lincoln, NE · Member since 2015 · 32 posts · 16 votes
6y
I've used SoFi for rehabs. The process is pretty quick, but there is the usual back and forth with them requesting additional documents. The last one I closed on was for $75k, it took about 7 days from initial application to have money in my account. I paid it back 30 days later with no prepayment fees.
Investor · Lincoln, NE · Member since 2015 · 32 posts · 16 votes
6y
I've used SoFi for rehabs. The process is pretty quick, but there is the usual back and forth with them requesting additional documents. The last one I closed on was for $75k, it took about 7 days from initial application to have money in my account. I paid it back 30 days later with no prepayment fees.
Rental Property Investor · West New York, NJ · Member since 2018 · 72 posts · 31 votes
6y
Awesome! thank you @Chris Lohmeier Exactly the feedback i was looking for!
Was the property held in an LLC or your personal name? Just curious if that matters at all. I'm guessing it shouldn't since the loan is to you personally, but curious
Hermosa Beach · Member since 2018 · 9 posts · 2 votes
5y
@Justin McElroy Curious to hear how this process went for you. I'm researching additional lender options outside of HMLs and am curious if your SoFi experience was easy, painful, etc. Also, were you planning on using the funds just for Rehabbing or also to fund the payment of the property/down payment?
Rental Property Investor · West New York, NJ · Member since 2018 · 72 posts · 31 votes
5y
@Michael Parmenter sorry for the slow response, Mike. I ended up not exploring either of these options. Sorry I couldn’t be more helpful!
Side note - I see you’re in Hermosa beach. My wife and I lived in Marina del Rey for several years before work brought us back home to NJ. We’re starting to plan our move back to LA. If it’s okay with you, I may hit you up for some insight, if you don’t mind.
Hermosa Beach · Member since 2018 · 9 posts · 2 votes
5y
@Justin McElroy Happy to chat brother! My gf and I are just renting in Hermosa but I'm eager to buy my first property (preferably investment property) but still tbd. Happy to have you back in the SoCal bubble!