SoFi Personal Loans for Rehab

10 Replies

I'm about a week away from closing on a duplex which needs about $15K worth of rehab. I'm looking into SoFi's Personal Loans to help fund the rehab. I live in CA, and this duplex is a rental (i.e, for investment purposes only).

For anybody that has used SoFi before...

Do you have to physically live in the rental property to qualify for the personal loan?

Can I add a co borrower who also lives out of state? He has his own primary residence.

I've called SoFi several times and their answers are always a bit unclear, so I'm hoping somebody has some past experience with SoFi.

Thanks!

@Terence Zhao   I used SoFi last year and was approved for a $50k personal loan. I didn't have to specify about the rental at all (I used the funds for some rehab across several rental properties).  Mainly they just wanted to know where I was living now, rent/mortgage payment, income and of course they pulled credit.

For me it was pretty quick, I was approved in a few hours after uploading the necessary docs, funds in my checking account the next business day.  No closing costs or points at all, and no pre-pay.  11.99% interest for me.  I've since refinanced the rental properties and paid the loan off about a month ago.

I also used Discover personal loans and was offered almost identical terms.

@Terence Zhao , I just got a loan from Sofi for 40k and did not state the reason. I was approved in a few hours and funded about 4 days later. You can do a soft pull to see if you get the amount you want without taking a hard inquiry. 

Originally posted by @Michael Bridgett :

I pulled 100k from sofi's personal loan about a year ago. Used it to to purchase a brrrr. I dont remember the terms off hand, but no points and it hit my back account within a couple days. 

Does taking accepting a loan with Sofi result in Hard inquiry on your credit report