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Updated over 2 years ago on . Most recent reply

User Stats

122
Posts
87
Votes
Ben S.
  • Investor
  • Tampa, FL
87
Votes |
122
Posts

$100,000 unsecured personal loan with SoFi

Ben S.
  • Investor
  • Tampa, FL
Posted

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.

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