Case Study: Unlocking equity where others couldn’t.
- Emily Jackson
- 12 hours ago
- 1 min read
The Deal
A property investor required funding to support a time-sensitive business opportunity but wanted to avoid redeeming the competitive first charge mortgage already secured against their property.
The client had approached several lenders, however concerns around consent to a second charge and the borrower’s circumstances meant the deal had stalled.
Working with the broker, Somo reviewed the full position - focusing on the strength of the underlying asset and the borrower’s exit strategy.
Somo structured a Second Charge bridging loan against the property’s Open Market Value, allowing the borrower to release the capital required without disturbing the existing mortgage.
The dedicated in-house consent team managed discussions with the first charge lender, removing a common barrier to completion.
The Outcome
The deal completed quickly, enabling the borrower to access the funds they needed while maintaining their existing first charge facility.
