$100,000 unsecured personal loan with SoFi

[Ben S.]

I hadn't thought this was that exciting, but recently told a hard money lender about it, and he was shocked at the deal I got, so figured I would share it. SoFi (Social Finance) gave me a $100,000 unsecured personal loan at 11.74% with no other costs. My credit was good and I had a good paying job at the time, so that's certainly necessary. It's a 7 year loan, so monthly payment is a bit high. Compared to getting hard money for rehab cash though this is a pretty good deal (hard money I've been quoted for has been 3-4 points and 12-15%, and then you have draw schedules and inspections and stuff that can hold things up). I used it along with a couple unsecured personal lines of credit totaling $50,000 to rehab several projects in recent years (I think they ran about 12% interest as well). Most banks will offer unsecured personal loans and lines of credit I think, worth checking into.

[Caleb Heimsoth]

Jay Hinrichs SoFI is an online bank that does personal lending, and residential (for owner occupant only) mortgages. For the mortgage you can get 10 percent down with no Pmi (so I assume your rate will be higher)

SoFi works best for people wkth high credit scores and high income. 100k is the highest they go best to my knowledge