SoMo has brought a bridging loan product to market featuring a procuration rate it brands ‘favourable’.
Specifically, brokers will benefit from either a 1.75% arrangement fee or a 1.5 procuration fee.
The new loan, named ‘Somo300k+’, is available to individuals and limited companies for residential, buy-to-let, HMOs and semi-commercial properties at up to 75% LTV.
Rates start at 0.49% with zero exit fees and borrowers may use it for loans between £300,000 and £3m.
SoMo managing director Jamie Jolly comments: “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.
“So we’ve launched SoMo300k+… the message to our broker community is ‘fill your boots’.”
Chief executive Louis Alexander 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.”
