DBRS Assigns Ratings to SoFi Funding PL V LLC Warehouse Notes

DBRS, Inc. (DBRS) assigned the following ratings to the SoFi Funding PL V LLC Warehouse Notes (the Notes), which were issued pursuant to the Third Amended and Restated Credit Agreement dated as of August 17, 2017, between SoFi Funding PL V LLC as Borrower, the Conduit Lender, the Committed Lender and the Administrative Agent. The Notes will be secured by unsecured consumer loans originated and serviced by SoFi Lending Corp.

-- Class 1A Notes rated AA (sf)
-- Class 1B Notes rated A (sf)

The ratings are based upon a review by DBRS of the following considerations:
-- Transaction structure and sufficiency of the warehouse facility’s advance rate and other forms of credit enhancement, which are commensurate with the ratings of AA (sf) and A (sf).
-- Concentration limits and eligibility criteria, which will help maintain the characteristics of the revolving loan pool at a level commensurate with the AA (sf) and A (sf) rating levels.
-- The warehouse facility has certain performance triggers, which, if violated, will result in an early amortization event.
-- The experience, underwriting and origination capabilities of SoFi Lending Corp.
-- The ability of SoFi Lending Corp. to perform collections on the collateral pool.
-- The existence of a backup servicer.
-- The soundness of the warehouse facility’s legal structure and presence of legal opinions that address the true sale and non-consolidation of the assets, that the special-purpose entity has a valid first priority security interest in the assets, and consistency with the DBRS “Legal Criteria for U.S. Structured Finance Transactions” methodology.

Notes:
The principal methodology is Rating U.S. Structured Finance Transactions, which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.