Somo Bridging has announced that 2022 was its most successful year to date with November 2022 its busiest month for deals since business began.
The firm’s loan book at the end of 2022 stands at over £254m with zero capital losses and saw 20% growth over the year.
Furthermore, Somo experienced a 500% spike in business enquiries in October.
Thanks to its Black Friday promotion, Somo celebrated its busiest month ever in November 2022. The offer gave borrowers a 90% refund on valuation costs and led to a 400% increase in deals of an average day for the company.
Louis Alexander (pictured), founder and CEO at Somo said: “Despite the economic turbulence we all experienced in 2022, thanks to the hard work and expertise of the Somo team, we’ve had an exceptional year. We achieved completion rates of 21% above the industry average and are confident we will maintain steady growth in 2023.
“It has always been our mission to get a deal completed swiftly, simply and safely and we’ve been able to achieve this thanks to market-leading products, seasoned bridging specialists, human-touch client service and multiple funding lines that allow us to complete on a wide variety of loan scenarios. Underpinning all of this is a talented, experienced underwriting team that ensures if a deal can complete, Somo will find a way to do it.
“As interest rates keep rising, we lead the way in the alternative lending sector and will continue ensuring borrowers reap the benefits of real life decisions being made based on common sense commercial lending. As more and more borrowers hit brick walls thrown up by traditional high street banks, we’re confident our business will thrive and we’ll find lending solutions for virtually any business need going forward.”
In 2023, Somo will launch a personal and business Insolvency and Bankruptcy product, serviced by in-house insolvency specialists. In addition, Somo aims to grow relationships with networks and packagers to ensure it continues to go from strength-to-strength.
“We have helped many people through a rocky year and we look forward to helping many more in 2023.”
