SoFi Technologies, Inc. has announced the completion of a $697.6 million securitization involving personal loans originated by SoFi Bank, N.A. This marks the first securitization of new collateral in SoFi’s Consumer Loan Program since 2021 and includes loans from their loan platform business.
The transaction involved 35 investors and was structured with four classes of notes rated by Fitch Ratings and Morningstar DBRS, ranging from “AAA” to “BBB+”. Goldman Sachs served as the structuring agent and joint lead bookrunner alongside Bank of America. The offering was priced with a weighted average spread of 87 basis points and an all-in yield of 5.10%.
Chris Lapointe, Chief Financial Officer of SoFi, stated, "As SoFi’s personal loan products resonate with more and more people, we see continued strong demand for our loans in the capital markets."
Since its inception in 2015, SoFi's Consumer Loan Program has issued over $12 billion in notes across 25 transactions.
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