Specialist lending firm Somo Bridging has launched its ‘One Month Interest Free’ deal for clients of brokers that lock in a deal with the firm between 5-29 February 2024.
Somo says it will treat borrowers to their first month interest-free and the discount will apply to both serviced and retained loans. To qualify, brokers must pay in their lock-in and valuation fee by midnight on 29 February 2024. The first month rebate will then be paid on full repayment of the loan.
Appointed Representatives within the wide range of networks that Somo is partnered with have had an exclusive four-day early access to claim offer from 1 February.
It was Somo’s most successful promotion in 2023, resulting in the lender surpassing its previous record for the number of deals in a month by 12% and an additional 11% completions in a month. Back in 2022 the one month interest free promotion led to a 40% increase in committed business.
Jade Keval (pictured), Somo’s sales director, said: “One Month Interest Free is our most hotly anticipated promotion of the year, and we expect it will perform really well again. Last year Somo capped the saving at 1%, but this year there is no maximum refund, so we encourage brokers to fill their boots throughout February and see how much they can save for their borrowers.
“Promotions such as these are a way to make bridging simple and attractive to borrowers and brokers. We pride ourselves on offering flexible products for any business purpose. As we end January 2024 we continue to ask ‘why make bridging difficult?’ And our promotions are just one of the ways that we’re delivering against that.”