Bridging loan firm SoMo has launched a new specialist finance product giving better rates for larger loans.
The new larger loan product was devised following feedback from SoMo’s broker community, and is designed to reward SoMo’s loyal customers and those who take out larger loans with preferential rates.
Brokers taking out the new SoMo300k+ loan deal can expect rates from 0.49% and no exit fees. They also receive either a reduced arrangement fee from 2% to 1.75% or a 1.5% procuration fee.
SoMo300k+ is available now to individual and limited company borrowers for all types of properties, including residential, buy to let, houses in multiple occupation (HMO) and semi-commercial.
All of the SoMo300k+ larger loan cases will be handled by SoMo’s head of underwriting.
SoMo’s hanging director, Jamie Jolly, said: “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+, a product specifically for loans over £300,000, providing a host of benefits and enhancements on our standard products, access to our senior people and new funding lines. The message to our broker community is ‘fill your boots’.”
Altrincham-based SoMo changed its name from the BridgeCrowd in December 2020.