SoMo launches larger loan product
Brokers taking out the new SoMo300k+ loan deal can expect rates as low as 0.49% and no exit fees. They also get to benefit from either a reduced arrangement fee from 2% to 1.75% or a 1.5% procuration fee.
SoMo300k+ is available now to individual and limited company borrowers for all types of properties, including residential, buy to let, houses in multiple occupation (HMO) and semi-commercial.
Like all SoMo loans, SoMo300k+ benefits from guaranteed funds once a deal is locked in, subject to underwriting. Brokers will also be eager to take advantage of SoMo’s effortless lending process, which promises no application forms or portals, and which remains paperless until completion. All of the SoMo300k+ larger loan cases will be handled by SoMo’s Head of Underwriting to ensure they are processed efficiently and at speed.
SoMo MD Jamie Jolly says: “Every product launch or change we make is based upon feedback from our many valued brokers. We’re always listening.
“Brokers are looking for lenders that aren’t shy of taking on larger loans and they want to be recogonised for bringing in bigger business.
“So we’ve launched SoMo300k+, a product specifically for loans over £300,000, providing a host of benefits and enhancements on our standard products, access to our senior people and new funding lines. The message to our broker community is ‘fill your boots’.”
SoMo300k+ is the latest product launched by Altrincham-based SoMo, which changed its name from the BridgeCrowd in December of last year. Over the past seven years, it has evolved from a crowdfunding platform to become disruptive market leaders in bridging and property lending with a large variety of investors and institutional funding lines.
SoMo prides itself in listening to its investors, brokers and clients and continually looks to find innovative ways to invest and borrow money secured over UK property. It was the first to bring crowd funded lending to the UK and the first to use open banking and anti-fraud technology. To date it has had £115m loans redeemed with £14m interest paid, all with zero capital losses.
In the last eight months SoMo has achieved repeat brokerage business levels of 85% in response to new products designed to reward loyalty, such as the new and exclusive SoMo Family, launched in April of this year. Currently 42 brokers have been selected to join SoMo Family, with founding members set to be limited to 60. Those who join SoMo Family will have access to the lender’s new and exclusive funding line and OMV lending for first and second charge facilities.
Louis Alexander, CEO of SoMo says: “We only lend on deals we would be willing to put our own money into. Unlike other lenders, SoMo’s focus isn’t on volume or the size of the Loan Book; instead we combine an experienced lending team that people genuinely love working with and offer good, tried and tested loans with excellent returns.”
