Somo has completed a second charge bridging loan enabling a borrower to purchase a £500,000 property for £350,000, clear historic mortgage arrears and secure a buy-to-let investment opportunity. Using its specialist second charge expertise, Somo structured a solution against the borrower's main residence while recognising the strength of the below-market-value purchase. Somo recently provided finance to enable a borrower to complete the purchase of a property at undervalue.

The Deal Two Hong Kong-based directors were acquiring a commercial property in Manchester city centre, with a renovation team ready to begin works. Timing was critical. However, delays in obtaining a formal credit report meant they were unable to proceed with their original low-rate funding option. Recognising the urgency, Somo pivoted quickly to our Valuation Only™ product, enabling lending based on the strength of the asset at up to 70% LTV without requiring the outstanding

The Deal Mr and Mrs M required £255,000 in working capital over a 12-month term, secured against their main residence. However, recent County Court Judgments meant they had already been declined elsewhere, and a traditional affordability-led route simply wasn’t viable. Rather than focus on historic credit events, Somo assessed the strength of the security and structured a second charge Valuation Only™ loan at up to 70% LTV. By lending against asset value, we were able to prov

What is an Adverse Credit Bridging Loan? An adverse credit bridging loan is a short-term, property-backed loan designed for borrowers who may not meet traditional lending criteria due to their credit history. Unlike many banks and mainstream lenders, alternative lenders can take a more flexible approach, looking beyond credit scores to assess the overall strength of the deal. At Somo, lending decisions are primarily based on the value of the security property and the proposed