Bridging loan firm SoMo has launched a new specialist finance product giving favourable rates for larger loans.
The product is designed to reward SoMo’s loyal customers and those who take out larger loans with preferential rates.
Brokers taking out the new SoMo300k+ loan deal can expect rates as low as 0.49% and no exit fees, as well as either 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, houses in multiple occupation (HMO) and semi-commercial.
Like all SoMo loans, the new product benefits from guaranteed funds once a deal is locked in, subject to underwriting.
Brokers can also take advantage of SoMo’s 'effortless' lending process, which promises no application forms or portals, and which remains paperless until completion.
SoMo’s managing director Jamie Jolly says: “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’.”
SoMo300k+ is the latest product launched by Altrincham-based SoMo, which changed its name from the BridgeCrowd in December of last year. Over the past seven years, it has evolved from a crowdfunding platform to become one of the disruptive market leaders in bridging and property lending with a large variety of investors and institutional funding lines.
Currently, 42 brokers have been selected to join its new and exclusive product SoMo Family, with founding members set to be limited to 60. Those who join SoMo Family will have access to the lender’s new and exclusive funding line and OMV lending for first and second charge facilities.
Louis Alexander, chief executive officer of SoMo, adds: “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.”