Bridging & Commercial Supplement — Thank you, from Somo

New offices, a fresh campaign, plenty to talk about and one big thank you

Somo. The lender that completes.

If he’d spoken to us, we’d have helped Beethoven finish that Symphony.

In 1827 Ludwig van Beethoven passed away with his 10th Symphony left unfinished.

As the year draws to a close, it’s the perfect time to reflect on the last 12 successful months and look towards an even bigger, brighter 2023.

Despite the ups and downs we all experienced in 2022, Somo achieved completion rates that were 21% above the industry average, which led us to announce our new proposition as ‘The Lender that Completes’—a reputation we’ve already earned among our regular broker family. Our new campaign will launch this month, along with a refreshed look and feel, and will be showcased at upcoming events—more than that, the team will continue to live and breathe our proposition every day.

It has always been our mission to get a deal completed quickly, simply and safely and we’ve been able to achieve this thanks to market-leading products, seasoned bridging specialists, human-touch client service (the antidote to tick-box lending) and multiple funding lines that allow us to complete on a wide variety of loan scenarios. Underpinning all of this is a talented, experienced underwriting team that ensures if a deal can complete, Somo will find a way to do it.

These are just some of the reasons why we’ve seen 20% growth over the last year, despite the volatile economic climate.

As interest rates keep rising, we lead the way in the alternative lending sector and will continue to ensure borrowers reap the benefits of real life decisions being made based on common-sense commercial lending. As more and more borrowers hit brick walls thrown up by traditional high-street banks, we’re confident our business will thrive and we’ll find lending solutions for virtually any business need.

We’re seeing the effects of this with a staggering five times more enquiries in October and word is spreading further that we’re a lender you can rely on. We know a broker’s biggest bugbear is a lender that moves the goalposts part way through a deal—it’s just not the way Somo does things. In fact, we’re more likely to move our own goalposts to flex around a deal as it changes over time so we can keep saying ‘yes’ through to completion.

All too often we see competitors promising deals at competitive rates and starting loan processes that come to an abrupt halt when a curveball comes their way.

At Somo, we do things differently. Since we launched in 2014, we have trained our sales and relationship management team to quickly ascertain whether the business has an appetite for a deal and then to work closely and flexibly with our valuation and legal partners to make things happen.

While we offer a variety of products, our Valuation OnlyTM and Second Charge products are key to our success as they allow for almost any borrower profile, circumstance and scenario.

Our Valuation OnlyTM product is great for those clients that don’t meet the standard lending criteria and we’re able to quickly and efficiently get deals over the line while mitigating risks. Likewise, we have the authority and experience to offer a second charge loan without consent from the first charge lender, something which sets us apart in the sector and often becomes a critical bump in the road with other lenders.

We’ve seen our highest levels of lending in 2022 and we will continue to innovate over the next year to ensure we continue on this successful trajectory, finding lending solutions for our brokers and borrowers and lending safely and securely for our investors.

In 2023, we will launch our specially designed personal and business Insolvency and Bankruptcy product with in-house insolvency specialists to service this. In addition, we will grow relationships with networks and packagers to help Somo go from strength to strength.

Personally, I want to thank our entire team and partners for working so hard throughout 2022 to deliver fantastic results for our clients. We have helped many people through a rocky year and we look forward to helping many more in 2023.

Alexander, CEO at Somo

Louis

From top left: Louis Alexander, Rob Johnson, Jade Keval, Tim Slinger, Steve Dolmor, Daniela Gallucci, Chris Pullan, Dylan Mack, Ben Rose, George Blackwell, Greg Applewhaite, Claire McCaffery, Jessica Darby, Laurel Livesey, Joe Cash, Craig Council, Emily Jackson, Kyle Hunt, Rachel Killeen, Stephen Bagshaw, Damiano Lo Presti, Suzanne Trafford, Jason Barton, Rob Woodward, Andres Salas, Gabriel Risco, Pete Rooney. Not pictured... Duncan Winsland, Jaime-Leigh Johnson, Alex Coglan, Jayne Marsh, Simon Cottrell, Kristie Barker, Lindsey O’Neill, Przemek Bartczak, Nicola Hardy, Sarah Kirk, Taybah Riaz.

Somo

The home of bridging

SECOND CHARGE? WE’RE SECOND TO NONE.

More and more brokers, intermediaries and clients are turning to Somo with its specialist and solution-based approach to second charge lending, a leading LTV of 70% against the OMV and rates from 0.8% per month.

Here, Somo’s Louis Alexander (CEO), Jade Keval (director of sales), and Rob Johnson (director of underwriting) tell us why they believe their Second Charge product is the best in the business.

“When we say we lend for any business purpose, we mean it. That could include working capital, refinancing a Coronavirus Business Interruption Loan Scheme facility, purchasing a BTL property, paying off a tax bill or simply growing a business with new premises, materials or marketing—or even funding a new venture entirely. We recognise that, as the cost of living crisis

Second Charge loans for ANY business purpose.

Jade Keval Director of sales

“We’ve seen awareness and demand for Somo’s Second Charge loans grow consistently over the last year—in fact, it now makes up over half of our lending and we feel Somo’s been the trailblazer in creating understanding among brokers about the many and varied uses of this type of loan.

We’ve been the trailblazer in creating understanding about the varied uses of this type of loan

deepens, businesses and individuals could struggle financially. For many, a second charge loan could get them out of a tight spot.”

“It’s come as no surprise to us the market is growing.

Louis Alexander CEO

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With the cost of living crisis affecting everyone, businesses and individuals alike, we’ve been passionate about raising awareness of second charge and equitable charge loans and their uses. But not all second charge products are built the same! Over 25% of first charge lenders do not approve the second charge consent. As we don’t require consent from the first charge lender, it gives

Somo an increased acceptance rate of clients. Many cases stall or fail entirely at this stage, so my advice to brokers is you should only ever use one that allows for refused consent.”

“Second charge lending is a niche market and we see a lot of potential in London and the South East, which mainly concentrates on first charge lending.

“We want to help educate brokers about the potential of second charge lending; the message coming from our network is that they’re surprised by the demand and delighted that this type of loan can be used for a variety of purposes. We see second charge loans as an important part of our growth strategy of the coming years and we’re committed to ensure we have the best and most widely available product on the market.”

Somo aims to educate brokers about the full potential of second charge lending

See next page for more about our market-leading Second Charge product

Rob Johnson Director of underwriting

Not all second charge products are built the same! Over 25% of first charge lenders do not approve the second charge consent

We see second charge loans as an important part of our growth strategy over the coming years

What we do Our products

Valuation OnlyTM is our flagship product, allowing us to lend on the value of the asset, not the borrower’s profile

• Up to 70% LTV

• Interest from 0.90% per month

Ideal for clients with:

• Adverse credit welcomed

• No proof of clean credit

• No proof of income

• Equitable charges

Our Low Rate product serves standard cases and clients who can evidence clean credit, have an evidenced exit, proof of income and use of funds

• Up to 70% LTV

• Interest from 0.65% per month

Aimed at clients with:

• Clean credit

• Provable income

• Evidenced exit

• Clean title

Second Charge Loans for any business purpose

Our product offers:

• A market-leading 70% LTV (OMV)

• Interest from 0.80% per month

• Equitable charges should consent be rejected

• We’ll always look to beat any like-for-like offer you have from other lenders

• We’ll lend on a Director’s main residential home, even if it’s in the individual’s name

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The home of bridging

We wish to thank all of our investors, achieve so much these last few years. brokers and valued partners, for helping us