Bridging lender SoMo launches three new products for 2022

Bridging lender, SoMo, has announced the launch of three new loan products for 2022, including SoMo Auction with rates from 0.49% up to 75% LTV.

Related topics:  Specialist Lending
Rozi Jones
21st December 2021
Jamie Jolly SoMo 2
"We have a strong relationship with our brokers and, following their invaluable feedback, we’re moving into the auction space."

In addition, SoMo will also enhance its valuation only product in 2022, which will allow a wider range of borrower profile and asset types to benefit from speedier completions.

SoMo's managing director, Jamie Jolly, said: “We have a strong relationship with our brokers and, following their invaluable feedback, we’re moving into the auction space.

“It’s been a really strong year for the business and it’s the right time for us to expand into a new audience of borrowers, allowing our valued partners and customers to further benefit from the talent within the group.

“The team has achieved so much this year; we’ve lent more than ever, had the highest number of completions and enjoyed a record-breaking day in business with our Black Friday campaign. In addition, in the last nine months, conversion rates have gone up from 20% to 51% and repeat business up from 40% to 85%.

“We’re very much looking forward to seeing what 2022 will bring, particularly with the launch of our new products and the opening of a new London office, which will have an expert London-based underwriting team to work in the capital’s highly competitive bridging space.”

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