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Social Finance, a student lender, is looking at starting a REIT to buy up its own mortgages, two sources reveal.
According to the sources, SoFi execs are considering the move to raise cheap capital to satisfy greater long-term mortgage demands, Bloomberg reports.
A "technology-enabled lender," the company specialized in student debt refinancing before expanding to mortgages last year. Since then SoFi has been trying to figure out how to fund the loans, which run as big as $3M.
Mortgage REITs have struggled in recent years, with shares often trading at a discount of their book value. A SoFi spokesperson declined to comment. [Bloomberg]
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