SoMo launches larger loan product

The SoMo300k+ deal has a rate of 0.49 per cent and no exit fees. It also offers a reduced arrangement fee of 1.75 per cent, down from two per cent or a 1.5 per cent procuration fee. 

The product is for loans over £300,000 and is available individual and limited company borrowers for residential, buy-to-let, houses in multiple occupation (HMO) and semi-commercial properties. 

Jamie Jolly (pictured), managing director of SoMo, 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.” 

Louis Alexander, chief executive officer of SoMo, said the company only lent on deals its team was willing to put its own money into. 

He added: “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.” 

The lender, previously named BridgeCrowd, rebranded as SoMo in December and launched SoMo Family in April. SoMo Family is an invitation-only initiative, offering exclusive rates and products to a select number of brokers. 

So far, 42 brokers have joined the initiative and the total number of partners will be limited to 60.