Somo are changing the game in Bridging finance by making loans more accessible, straightforward, and beneficial. Learn about our flexible lending options and market-leading rates as we attempt to change the perceptions of Bridging.
We’re on a mission
In the world of finance, traditional lending is often synonymous with complexity and delay. With mainstream lenders continuing to work with tighter lending restrictions, borrowers who don’t fit the standard lending criteria are left to seek out alternative lending options.
Enter Somo: a lender committed to saying “Yes” when others say “No.” Our mission is to redefine what borrowers think about bridging loans, who uses them, and why. At Somo, we are not just another lender. We are committed to making bridging loans accessible, straightforward, and beneficial for all. By removing the traditional hurdles of lending, we're normalising and simplifying bridging, proving it is as easy as applying for a loan from a high street bank, but with the added benefits of speed and flexibility.
Why choose Somo?
Here’s just some of the ways we’re making Bridging easier:
Any Business Purpose
We understand that business needs can vary widely, which is why our lending solutions are designed to accommodate a broad range of requirements - whether you need funding for business expansion, investment in new ventures, purchasing goods, or any other business-related purpose.
No Lender Legal Fees Until Completion
We believe in making the lending process as simple and transparent as possible. You won't have to worry about paying legal fees unless your loan completes. No completion, no legal fees.
Open Market Value
Our lending decisions are based on your property’s Open Market Value, providing a more accurate and fair assessment compared to the restrictive 180 or 90-day values used by many traditional lenders. By considering the true market value of your property, we can offer more competitive and flexible loan options that better reflect your asset’s worth, allowing us to provide higher loan amounts and better terms.
Flexible Products
We cater to all client circumstances and our range of flexible products is designed to accommodate various financial situations and objectives. In addition to our Low Rate product services standard loan cases, our famous Valuation Only product makes things quick and easy. We lend against the value of the property, not the Borrower's profile. No proof of clean credit, proof of income, funds or affordability or evidenced exit required.
Equitable Charge Loans
We offer lending solutions even when consent has been refused by the first charge lender. Our equitable charge loans are designed to provide financial support in situations where traditional lenders may not be willing to assist. By offering this type of loan, we help borrowers access the funds they need, regardless of the restrictions imposed by their first charge lender allowing more borrowers to benefit from our lending solutions.
Director’s Main Residence
We’ll look to lend even if a director’s residence is in their personal name, a flexibility that allows directors to leverage their personal property to obtain the necessary funds for their business, providing an additional layer of financial support. Another way we’re giving business owners more options when it comes to securing financing.
Beat the Competition
We are committed to offering better rates and terms than any Second Charge offer you currently have on the table. We know we’re experts in Second Charge loans and so we strive to provide the most attractive lending solutions available.
Specialist Second Charge Team
As market leaders in second charge lending, we have a dedicated in-house consent team to assist you. Our team of experts is focused on providing efficient and effective support throughout the lending process. We know some Brokers aren’t as familiar with Second Charge cases so our dedicated team guides you through every step, making the process as straightforward as possible.
No Application Forms
Our process is entirely paperless until completion, with just a simple 18-point checklist required for us to provide an offer often meaning we can progress the case quicker than other lenders.
1-Hour Offer
We know that those looking bridging finance are usually after a speedy service so we can provide you with an approved offer within one hour of enquiring with us.
Regional Relationship Directors
We have dedicated a Relationship Director to every area of the country, ensuring we build relationships that last. Our regional approach allows us to provide personalised and localised support to our clients. By having a dedicated Relationship Director in your area, we ensure that you have a direct point of contact who understands your specific needs and circumstances. This personalised service helps us build long-term, trusting relationships with our clients.
Direct Access to an Underwriter
From the day your case 'locks-in', you’ll have direct access to one of our expert underwriters for quick and personalised assistance throughout the loan process. This direct access ensures that you receive timely and accurate information; your underwriters is available to answer any questions and provide the support you need, ensuring a smooth and efficient lending process.
Our 360Promise
At Somo, we look at every loan independently and from every angle. We are committed to finding ways to say “Yes” and providing solutions that meet your unique needs. Our 360Promise means that we consider all aspects of your financial situation and work to find the best possible lending solution for you.
Get in touch
If you have a Bridging Enquiry, find out who your local relationship director is here.
Call 0161 312 5656 or email brokers@somo.co.uk.
Categories: Broker News, Borrower News
