Our products
Somo Prime
Introducing our lowest rates and highest LTVs for prime locations and prime clients with our new Prime product. Developed alongside a panel of Landlords and Brokers, Somo Prime has a whole host of benefits.
Interest - from 0.89%
LTV - up to 75%
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.
Interest - from 0.92%
LTV - up to 70%
Valuation Only ™
Our famous Valuation Only™ product makes things quick and easy. We lend against the value of the property, not the Borrower's profile. No proof of clean credit, proof of income, funds or affordability or evidenced exit required.
Interest - from 1.15%
LTV - up to 70%
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
75% 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? | England and Wales | ||
| 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.
