San Francisco, CA (PRWEB) August 07, 2013
SoFi (Social Finance, Inc.), the private student lender, announced today that it has secured a $50 million lending facility from East West Bank [NASDAQ: EWBC], a full-service commercial bank serving businesses throughout the U.S. and Greater China. This facility adds to SoFi’s diversified funding base, giving the company increased capacity to fund and refinance student loans.
“This facility provides us with increased flexibility to deliver the best possible rates to our borrowers,” said SoFi’s Chief Financial Officer Nino Fanlo. “East West Bank is the type of innovative bank we want to partner with to maximize our impact on the student loan market, and we look forward to expanding our relationship.”
“We are excited to work with the SoFi team,” added Marty Newton, Executive Vice President and Head of Specialty Lending at East West Bank. “Social Finance provides a valuable and needed service to the private student loan marketplace and in turn is helping many qualified students manage their financial debt in an appropriate manner.”
SoFi has now secured more than $150 Million total in warehouse capacity, including facilities from Morgan Stanley, Bancorp and East West Bank. These institutional funds supplement funds from alumni and other community investors.
SoFi is an innovative student lender focused on building a community around traditional financial products. SoFi connects students and recent graduates with alumni and other community investors through school-specific student loan funds. Investors earn an attractive return, borrowers receive a lower loan rate than their private and federal options, and both sides benefit from the SoFi community. Founded in 2011, SoFi has funded nearly $140 million in loans to students and alumni from 100 top universities. To learn more about SoFi visit: http://www.SoFi.com.
About East West Bank
East West Bancorp is a publicly owned company with $23.1 billion in assets and is traded on the Nasdaq Global Select Market under the symbol “EWBC.” The Company’s wholly owned subsidiary, East West Bank, is one of the largest independent banks headquartered in California. East West is a premier bank focused exclusively on the United States and Greater China markets and operates over 120 locations worldwide, including in the United States markets of California, New York, Georgia, Massachusetts, Texas and Washington. In Greater China, East West’s presence includes a full service branch in Hong Kong and representative offices in Beijing, Shenzhen and Taipei. Through a wholly-owned subsidiary bank, East West’s presence in Greater China also includes full service branches in Shanghai and Shantou and a representative office in Guangzhou. For more information on East West Bancorp, visit the Company's website at http://www.eastwestbank.com.