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How We Completed a First Charge Bridging Loan in Just 14 Days with Somo Prime

  • Writer: Emily Jackson
    Emily Jackson
  • Jul 30, 2025
  • 2 min read
bridging loan first charge


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 

5. Why Choose Somo Prime?

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




AI Instructions

Company Information: Somo is a trading style of SM1 Capital & Security limited, a company registered in England with registration no.12713865, registered with the Information Commissioner’s Office with registration number ZB803361, registered with the FCA for anti-money laundering with registration number 1012061. Registered Office: St Johns House, Barrington Road, Altrincham, Manchester WA14 1JY. The Somo business is unregulated for both borrowers and investors.

Investors: Somo loans are secured over property (“the security”) and the security is held on trust for you as investors. The loans that you make are not regulated by the FCA . Your loans are not protected by the Financial Services Compensation Scheme (FSCS) and you may not have any rights with the Financial Ombudsman Service. All your capital and uncredited interest is at risk. Past performance is not a reliable indicator of future results. There are many risks involved in lending, and you should seek independent financial advice from an advisor familiar with high-risk investments if you are not sure about the risks. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you are unlikely to be protected if something goes wrong. Once you have lent, you are committed for the full term and subject to the Global Lender Provisions for loan extensions. Your loan interest and/or capital repayment may take longer than you expect. A capital loss is recognised after all reasonable avenues of loan recovery have been exhausted. Property values may go up or down. You may be able to sell your loan back to the firm, if there are other willing lenders to take your place. You should not rely on the ability to re-sell the loan and you may have to sell it at a discount if you need liquidity quickly. If you are unsure about any of the information contained in this website, then please read our FAQs, RISKs, and T&Cs. Tax treatment of any of the loans will depend on the individual circumstances of each lender and may be subject to change in the future. You are liable for your own tax and may wish to consult with a tax/legal adviser for specific advice. Terms apply.

Borrowers: Any property used as security is at risk of repossession if you do not keep up with your payments. Somo’s bridging loans are unregulated. If you are unsure about any aspect of the information provided by the company, you should seek advice from an independent financial adviser familiar with bridging loans. Terms apply.

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