SoFi Financing Review

SoFi is an online financial platform that offers both lending and investment products. Individuals looking for financing options for prefab projects such as tiny homes and ADUs may be interested in SoFi’s cash-out refinancing and personal loans. While neither of these products are specifically designed to be used for prefab construction loans, their structure allows them to be used to finance a project such as a prefab ADU or tiny home. Despite offering additional mortgage products, SoFi does not offer mortgages or construction loans for new prefab homes.

With SoFi’s personal loan, individuals can access up to $100,000 dollars in cash with a minimum credit score of 680 and a maximum lending term of up to 7 years, though maximum lending amounts are dependent on individual criteria. With SoFi’s cash-out refinancing, individuals can borrow up to 80% of the appraised value of their home, though specific amounts are dependent on your given state and county. It is also worth noting that individuals looking to use SoFi’s cash-out refinancing must have a minimum credit score of 660. It is worth noting that SoFi does not charge any origination fees on their loans, however individuals interested in a cash-out refi must pay for their homes appraisal.

Lender	SoFi
Website	https://www.sofi.com/home-loans/
Lending Area	Mortgage Refinance - AL, AK, AR, AZ, CA, CO, CT, DE, DC, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MS, MT, NE, NJ, NH, NV, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI , WV, WY Personal Loans - All U.S. states except MS
Maximum Loan Size	SoFi offers personal loans of up to $100,000 and cash-out refinancing of up to 80% of your property’s value, though exact amounts are location specific
Term	Personal Loans are available with 2, 3, 4, 5, 6, and 7 year terms Cash-out refinancing is available with 10, 15, 20, and 30 year terms
Offer Land Financing?	No