Auction loan among products launched by SoMo

The deals include SoMo Auction, a product aimed at those purchasing at property auctions, which comes with rates starting at 0.49 per cent and is available up to 75 per cent loan to value (LTV).

SoMo said that the move into the auction space came following discussions with brokers.

In addition, it has revamped its valuation only product for the new year, which it says will allow for a wider range of borrower profile and asset types to be considered.

The product changes come as the lender ends what it claims has been its most successful year to date. By the end of 2021 it said SoMo will have lent £190m since its inception in 2014,

SoMo rebranded from The Bridge Crowd in late 2020.

Jamie Jolly (pictured), managing director at SoMo, said that after such a strong year, this was the right time to expand into a new audience of borrowers.

He continued: “The team has achieved so much this year; we’ve lent more than ever, had the highest number of completions and enjoyed a record-breaking day in business with our Black Friday campaign. In addition, in the last nine months, conversion rates have gone up from 20 per cent to 51 per cent and repeat business up from 40 per cent to 85 per cent.

“We’re very much looking forward to seeing what 2022 will bring, particularly with the launch of our new products and the opening of a new London office, which will have an expert London-based underwriting team to work in the capital’s highly competitive bridging space.”