Summary
We funded a £215,250 first charge bridging loan on a 6-bed HMO in Luton in just 14 days using Somo Prime - our newest product for prime clients. Learn how Somo delivers speed, certainty, and value.
Contents
1. The Challenge: Auction Pressure
2. Our Solution: Somo Prime in Action
3. Case Highlights: Fast Bridging Loan Details
4. Exit Strategy: A Planned Sale
6. Frequently Asked Questions (FAQ)
7. Contact Us
The Challenge: Auction Pressure
A property investor secured a 6-bedroom HMO in Luton at auction. When their original lender withdrew unexpectedly, they were at risk of losing the deal. With a tight deadline looming, they needed a fast bridging lender they could rely on.
Our Solution: Somo Prime in Action
Enter Somo Prime, our newest product tailored for prime borrowers needing fast, structured finance. We worked closely with the broker, a proactive solicitor, and a committed borrower to complete the loan in just 14 days.
Case Highlights: Fast Bridging Loan Details
- Location: Luton (Prime UK Location)
- Loan Amount: £215,250
- Loan-to-Value (LTV): 75%
- Rate: 0.89% per month
- Term: 6 months
- Completion Time: 14 days
Exit Strategy: A Planned Sale
With the loan secured, the borrower is now progressing with renovations and plans to sell the property to exit the loan - highlighting the importance of having an evidenced exit strategy.
Why Choose Somo Prime?
Somo Prime is designed for borrowers who need speed, service, and strong terms. It’s ideal for clients with:
- Clean credit
- Strong income
- A clear exit plan
- Prime UK property security
With up to 75% LTV and rates from 0.69% per month, Somo Prime is one of the most competitive first charge bridging products available today.
Frequently Asked Questions (FAQs)
What is a first charge bridging loan?
A first charge bridging loan is a short-term loan secured against a property where the lender has the primary claim on the asset in case of default.
Who qualifies for Somo Prime?
Prime borrowers with clean credit, strong income, a solid exit strategy, and properties in key UK locations.
Can Somo fund auction purchases?
Yes, Somo is experienced in auction finance and can move quickly to meet auction deadlines.
Contact Us
Need Fast Finance for a Prime Client?
📞 Call us: 0161 312 5656
📧 Email us: brokers@somo.co.uk
Categories: Borrower News, Broker News
