SoMo launches large loan bridging product

Bridging lender SoMo has launched a product at 0.49% per month for loans between £300,000 and £3m.

The loan comes with an arrangement fee of between 1.75% to 2%.

SoMo300k+ is available to individual and limited company borrowers for all types of properties, including residential, buy to let, houses in multiple occupation (HMO) and semi-commercial.

Jamie Jolly, managing director of SoMo, said: “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’.”

All of the SoMo300k+ larger loan cases will be handled by SoMo’s head of underwriting, which the firm said will make sure they are processed efficiently and at speed.

The Altrincham-based lender has had £115m loans redeemed with £14m interest paid to date, all with zero capital losses.

Louis Alexander, chief executive of SoMo, said: “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.”

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