Bridging lender SoMo launches three new products for 2022

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.”