Somo offers fast, flexible bridging loans for borrowers with adverse credit, including those with missed payments, CCJs, or defaults. Our Valuation Only™ allows us to lend based on property value, not the borrowers credit score, income, or affordability.
Contents
- What Causes Adverse Credit?
- Why do some Lenders not lend to Borrowers with Adverse Credit?
- Can I get a Bridging Loan with Adverse Credit?
- What can I use a Bridging Loan for?
- Apply for a Loan
- FAQs
What Causes Adverse Credit?
When someone has "bad credit," it typically means their credit history shows signs of financial difficulty, missed obligations or high risk to lenders. This may be as a result of:
- Missed or late payments
- County Court Judgements (CCJs)
- Defaults
- Bankruptcy or IVA
- Too many credit applications
- No credit history
- Being linked to someone with bad credit
Why do some Lenders not lend to Borrowers with Adverse Credit?
Some enders with tighter regulations often take a "tick-box" approach when reviewing customers' finance applications.
When a borrower has bad credit, whether due to missed payments, CCJs (County Court Judgments), defaults, or bankruptcy, they’ll decline the application upfront without looking any further.
However, having bad credit doesn’t mean the borrower lacks strong security. In fact, many still own high-equity properties or have valuable real estate to offer as collateral for the loan.
Can I get a Bridging Loan with Adverse Credit?
Yes. Somo offers bridging loans to those with adverse credit.
Our Valuation Only™ product is a bridging solution designed specifically for borrowers who require a flexible option when declined by restrictive lenders because of their credit history. We make things quick and easy:
- No proof of income required
- No clean credit needed
- No evidence of exit strategy
- No proof of funds or affordability
Explore our range of flexible loan products here.
What can I use a Bridging Loan for?
Somo’s bridging loans can be used for almost any business purpose including:
- Refinancing or Raising Capital
- Raising Money for a Business Venture
- Securing a Property at Auction
- Purchasing or Refurbishing a Buy-to-Let
- Paying a Tax Bill
- Other Construction / Land / Mezzanine / Development Finance
Apply for a Loan
Somo offers finance across England and Wales for all types of borrowers and loan purposes. Our application process is quick, simple and paperless whether you enquire online or over the phone.
Fill out our short form to apply for a loan online.
If you prefer to speak to one of our team directly, we’re available to call Monday-Friday 8:30am-5:30pm. Call 0161 312 5656 or book a call with one of our team at a time that suits you.
FAQs
- Can I get a bridging loan with bad credit?
Yes. Somo’s Valuation Only product ignores credit score and focuses on the property’s value.
- Can I get a bridging loan with a CCJ?
Yes.
- Do I need to prove income or affordability?
No. Our Valuation Only product means we do not require proof of income or affordability to lend.
- How much can I borrow?
We’ll lend up to 75% LTV (Loan-To-Value). That’s 75% of the value of the security that the loan is secured against from £27,500 to £3million.
Categories: Borrower News
