The firm, which focuses on residential and commercial bridging loans secured over UK property, says its capital losses were zero during the first six months of the year.
It adds in a busy May month it beat previous lending records with over 350 offers totalling £75m, comprised of bridging loans for business and property investment purchases.
The business, founded in 2014, says it has lent £184m to date, and has maintained a return on investment of 11.8% for its investors over the last seven years.
The Greater Manchester-based company recently acquired new offices in London, which it says will have a dedicated London underwriting team to ensure fast completions for brokers.
SoMo rebranded from The BridgeCrowd last December.
SoMo chief executive Louis Alexander says: “The launch of its SoMo Broker Family in April this year has been pivotal to much of the ongoing success of the business.
“Providing an exclusive experience to those with proficiency in bridging, the initiative offers a host of benefits including access to new and exclusive funding lines and enhanced procuration fees.
“Currently, 38 brokers from the lender’s network have been selected to join and SoMo has seen repeat business making up around 85% of deals done since the launch of Family.
“In May, SoMo also launched its Investor Family, an initiative which came as part of the businesses ongoing commitment to giving back to existing and loyal investors.
“The initiative comes with exclusive perks including current rate protection, among many other benefits.
“This month, to further strengthen its product offering, the business has launched SoMo 300k+, specifically for loans between £300,000 and £3m, which sits neatly beside its hugely popular Low Rate product and Valuation Only offerings.
“More products are in development and planned to launch before 2022.”
“The business is looking to grow its current active loan book of £60m to £80m by year end. Last year, SoMo secured a significant, institutional funding arrangement to continue its sustainable growth trajectory.”
