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KBRA Assigns Preliminary Ratings to SoFi Consumer Loan Program 2018-3 Trust


Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four
classes of notes issued by SoFi Consumer Loan Program 2018-3 ("SCLP
2018-3"). This is a $546.00 million consumer loan ABS transaction.

This transaction represents SoFi Lending Corp.'s ("SoFi" or the
"Company") 15th rated securitization collateralized by a portfolio of
unsecured consumer loans. SoFi currently originates personal loans
through its state licenses or complies with certain requirements where a
state lending license is not required.

Founded in 2011, SoFi is located in San Francisco, California and
operates an online lending platform. Personal installment loans are
offered to prime consumers through SoFi's platform. Typical borrowers
with loans securitized in this collateral pool, have a weighted average
annual income of approximately $137,990, a weighted average FICO of 748
and a weighted average monthly free cash flow of $5,113. Loans typically
have an original term between 36–84 months, an original balance ranging
in size from $5,000 to $100,000 with fixed rates or variable rates
depending on the borrower's risk profile and loan term. Borrowers are
not charged an origination fee or any prepayment penalties on the loans.
As of March 31, 2018, SoFi had originated approximately $10.6 billion in
personal loans to 317,110 different prime quality borrowers.

SoFi finances loans on its balance sheet through its $2.5 billion
multi-year warehouse capacity, through whole loan sales.

Initial credit enhancement levels are 31.45% for the Class A Notes,
19.95% for the Class B Notes and 9.45% for the Class C Notes. Credit
enhancement consists of overcollateralization, subordination (in the
case of the Class A Notes and Class B Notes), excess spread and a
reserve account funded at closing.

KBRA analyzed the transaction using the Consumer Loan ABS Rating
Methodology published on March 28, 2017. KBRA's consumer loan
methodology incorporates an analysis of: (1) the underlying collateral
pool, (2) the originator's historical static pool data, segmented by
characteristics including credit quality and product type, (3) the
proposed capital structure for the transaction, (4) KBRA's operational
assessment of the originator and servicer and (5) the legal structure,
transaction documents, and legal opinions.

In applying the methodology, KBRA analyzed SoFi's static pool data and
the underlying collateral pool. KBRA performed an operational review of
SoFi at their Healdsburg, CA operations center and its servicing center
in Utah. In addition, KBRA stressed the capital structure based on its
stress case cash flow assumptions. KBRA reviewed the operative
agreements and legal opinions for the transaction prior to closing.

Preliminary Ratings Assigned: SoFi Consumer Loan Program 2018-3

Class       Preliminary Rating       Class Principal
A-1       AA+ (sf)       $278,000,000
A-2       AA+ (sf)       $136,000,000
B       A (sf)       $69,000,000
C       BBB (sf)       $63,000,000

Representations & Warranties Disclosure

All Nationally Recognized Statistical Rating Organizations are required,
pursuant to SEC Rule 17g-7, to provide a description of a transaction's
representations, warranties and enforcement mechanisms that are
available to investors when issuing credit ratings. KBRA's disclosure
for this transaction can be found in the report available here.

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. In addition, KBRA is
recognized by the National Association of Insurance Commissioners as a
Credit Rating Provider and a certified Credit Rating Agency (CRA) by the
European Securities and Markets Authority (ESMA). Kroll Bond Rating
Agency Europe Limited is registered with ESMA as a CRA.

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