$50K SoFi Approval

[Anonymous]

A few weeks ago I applied for a personal loan from SoFi for real estate investment purposes.

The process was super smooth. I went online and did the pre-approval with a soft pull. I was approved for $50K with various repayment terms. I chose 5 years at 11.4999%. They contacted me a couple days later for POI and address verification and then the money was in my account the next week.

Data Points:

They pulled Experian, score was 728

Income: $150K

Inquiries: 6

Util: 35%

Accounts: 6 revolving, 4 installment

[Anonymous]

Also, AAoA was 8 years.

Another point is that they seem to like borrowers with advanced degrees - especially if its from a top school.

[Anonymous]

Nice! Mind if I ask what type of RE investment you're doing? Will you be leveraging the 50K?

[Anonymous]

Im doing a cash purchase on 2 properties. I know - $25K for a property sounds insane, but my hometown has an extremly low cost of living. My life long best friend is a real estate agent. Properties are dirt cheap to begin with, but he always seems to get his hands on especially crazy deals - below market value. The rents make for great DSCR (1.7 - 1.9) after cash out refi at 70%LTV. So, I might put in another 5K per unit for rehab and then refi. I'll take the refi money and pay off the SoFi loan and have plenty of extra to look for another deal.

[Anonymous]

Congrats. Did they asked for any documents?

[Anonymous]

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@Anonymous wrote:

Congrats. Did they asked for any documents?

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He answers that in his first post

[woodyman100]

I borrowed from SoFi for real estate as well.

it took several weeks to finally complete.

They had to do a bit more verification thanks to my “Extensive” Experian file😝

I found traces of research from them on my LinkedIn profile as well as other socials.

They do indeed prefer executive level customers or up and coming young professionals

The representatives I talked with were the most respectful and professional I have dealt with in a long time.

I’m patiently waiting for SoFi Money to get up and running!

[Anonymous]

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I found traces of research from them on my LinkedIn profile as well as other socials.

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Wow - very interesting. I wonder how many other creditors are doing this

[woodyman100]

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@Anonymous wrote:

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I found traces of research from them on my LinkedIn profile as well as other socials.

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Wow - very interesting. I wonder how many other creditors are doing this

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First notice was a LinkedIn alert.

they aren’t trying to hide it. 

Doesn’t bother me a bit though. I asked for a ton of unsecured money. Heck, I should be mowing there lawns😝