Our products
Low Rate
Our Low Rate product is aimed at standard cases and clients who can evidence clean credit, have an evidenced exit, proof of income and use of funds.
LTV - up to 70%
Valuation Only ™
Our famous Valuation Only™ product is based on the value of the asset, not the Borrower’s profile, ideal for clients who may not be able to evidence the above or who do not wish to do so.
LTV - up to 70%
Lifeline Loan
Business loans arranged quickly and simply for clients facing Bankruptcy, Insolvency, Liquidation, Repossession or any other financial difficulties. Loan solutions to:
- stop a winding up or bankruptcy petition from becoming an order
- Annul or Reverse a bankruptcy or winding up order
- pay funds to an Insolvency Practitioner, Receiver or Trustee.
Most other lenders won’t even consider business bankruptcy or insolvency cases. Somo believes everyone deserves a second chance and our Lifeline Loan is all that some businesses need to buy themselves time to get back on track.
Somo Works
From complex circumstances to non-standard income and property types, whatever your status or financial situation, we can help with a loan from £100,000 to £5M for Light Refurbs through to Heavy.
- Up to 75% LTV Day 1 and 100% Cost for Works
- New and experienced Developers welcome
- Light, Moderate and Heavy Refurbs
Representative example:
Based on interest only bridging loan. If you borrow £100,000 over 1 year at a rate of 0.6% pcm / 7.2% p.a fixed for the term,
you will pay 12 instalments of £600 per month and a total amount payable of £109,850. This includes repayment of the net loan,
interest of £7,200, an arrangement fee of £2,000 and administration fee of £650. The overall cost for comparison is 9.85% APRC.
All Somo loans are unregulated. Any property used as security is at risk of repossession if repayments are not kept up.
Up to
70% LTV.
Our criteria
A simple and transparent guide to our criteria.
| Who? |
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| How much? | Minimum: £27,500 Maximum: £3,000,000 |
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| How long? | Minimum: 1 month Maximum: 24 months |
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| Where? | United Kingdom - excluding Northern Ireland |
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| Why Somo? |
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Risk Warning
Somo loans are unregulated. Any property used as security is at risk of repossession if you do not keep up with your payments. If you are unsure about any aspect of the information provided by the company, you should seek advice from an independent financial adviser.
Representative example: Based on interest only bridging loan. If you borrow £100,000 over 1 year at a rate of 0.6% pcm / 7.2% p.a fixed for the term, you will pay 12 instalments of £600 per month and a total amount payable of £109,850. This includes repayment of the net loan, interest of £7,200, an arrangement fee of £2,000 and administration fee of £650. The overall cost for comparison is 9.85% APRC.
Loan purposes
Bridging Loans
LTV - up to 70%
1st Charge Loans
LTV - up to 70%
2nd Charge Loans
LTV - up to 70%
Equitable Charge Loans
LTV - up to 60%
Auction Finance
LTV - up to 70%
Refurbishment Finance
LTV - up to 70% and 100% cost of works
Representative example:
Based on interest only bridging loan. If you borrow £100,000 over 1 year at a rate of 0.6% pcm / 7.2% p.a fixed for the term,
you will pay 12 instalments of £600 per month and a total amount payable of £109,850. This includes repayment of the net loan,
interest of £7,200, an arrangement fee of £2,000 and administration fee of £650. The overall cost for comparison is 9.85% APRC.
Business Funding
LTV - up to 70%
Below Market Purchase
LTV - up to 100%
Development Exit
LTV - up to 70%
Portfolio & HMO Finance
LTV - up to 70%
Re-bridging a Bridge
LTV - up to 70%
Bankruptcy or Insolvency
LTV - up to 70%
Why choose somo
Highest LTVS – LTVs up to 75%
All credit statuses accepted - we will never reject a case based on the client’s individual circumstances. No prejudice on clients with CCJs, missed mortgage payments or being in a defaulted mortgage contract.
No up-front legals
We do not require clients to pay costly legal undertaking fees, instead our clients can opt to deduct the legal fees at completion. Which means if we don’t complete, we foot the bill.
Speed
We are quick. In most cases, it takes less than one hour from 18 points to a fully credit-backed offer, subject to Legals, Underwriting and due diligence.
Get a decision in principle in less than 30 minutes.
- No credit checks required.
Or alternatively, talk to one of our expert team:
Any questions?
Borrowers: loans are unregulated. Any property used as security is at risk of repossession if you do not keep up with your payments. If you are unsure about any aspect of the information provided by the company, you should seek advice from an independent financial adviser. The source of information is the audited and management accounts in the preceding Year End. Terms apply.
