Somo reaches 1,000 loan milestone

The firm said its investors saw an average return of over 10 per cent per annum. 

Somo offers bridging loans for a number of purposes such as commercial finance and regulated residential finance. 

It said it saw growth of 20 per cent over last year and was already seeing record levels of business in 2023. It put this down to its Black Friday promotion which saw the lender offer refunds of up to 90 per cent on valuations. 

To support this growth, the lender has doubled its investor relations team.  

Somo has since launched other promotions such as interest-free offers, free legals and a promise to cover borrower fees. 

Simon Cottrell, head of recoveries and investor relations at Somo, said: “From the beginning, our founder Louis has said that slow and steady wins the race and this has proved be the right strategy for Somo and its investors. It’s a formula that works and we’ll continue doing what we do best, at a steady trajectory, to ensure the longevity of the firm and the confidence of our investors.  

“Somo prides itself on the strength of its recovery team, who get actively involved in about a third of Somo’s loans. They are incredibly tenacious and successful, and a key reason we’ve succeeding at repaying 1,000 loans.”  

Louis Alexander, founder and CEO at Somo, added: “This milestone proves our consistency in being able to lend and recover with confidence. We take a considered and thorough approach to lending, and by successfully applying our experience, we have achieved our goal of recovering loans and ensuring investors get good returns.”