Bridging lender SoMo launches £300k+ range

Brokers taking out the new SoMo300k+ loan deal can secure rates from 0.49% with no exit fees, 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, HMOs and semi-commercial.

Like all SoMo loans, SoMo300k+ benefits from guaranteed funds once a deal is locked in, subject to underwriting, and all larger loan cases will be handled by SoMo’s head of underwriting.

SoMo, which rebranded from BridgeCrowd in December 2021, promises no application forms or portals, and remains paperless until completion.

SoMo MD, Jamie Jolly, 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’.”

Louis Alexander, CEO of SoMo, added: “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.”