SoMo has reported its most successful year to date and has launched three new loan products in 2022, including SoMo Auction with 75% LTV and rates of 0.49%.
By the end of the year, SoMo will have lent £190m and paid £15.23m in interest since its inception in 2014 and the business has maintained an ROI of 11.8% for its investors and zero capital losses.
Following an office move in Greater Manchester and rebrand, SoMo has reported a successful 2021. It launched SoMo Family, SoMo300k+ for larger loans and the firm became JMW’s fastest lending partner, with funds released within 48 hours.
Jamie Jolly, SoMo managing director,, said: “We have a strong relationship with our brokers and, following their invaluable feedback, we’re moving into the auction space.
“It’s been a really strong year for the business and it’s the right time for us to expand into a new audience of borrowers, allowing our valued partners and customers to further benefit from the talent within the group.”
SoMo says it will also enhance its market leading Valuation Only product in 2022, which will allow for a wider range of borrower profile and asset types to benefit from speedier completions.
Jolly added: “The team has achieved so much this year; we’ve lent more than ever, had the highest number of completions and enjoyed a record-breaking day in business with our Black Friday campaign. In addition, in the last nine months, conversion rates have gone up from 20% to 51% and repeat business up from 40% to 85%.
“We’re very much looking forward to seeing what 2022 will bring, particularly with the launch of our new products and the opening of a new London office, which will have an expert London-based underwriting team to work in the capital’s highly competitive bridging space.”