SoFi or SunTrust Personal Loans for Rehab?

[Justin McElroy]

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.?

Thanks in advance!

Justin

[Chris Lohmeier]

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.