Somo Prime is Launched, With Competitive Rates

This one is for the broker/adviser market;

Somo, the specialist lender renowned for its expertise in second charge bridging finance, is strengthening its first charge proposition with the launch of Somo Prime designed exclusively for prime borrowers with market leading rates from 0.89% and LTVs up to 75%. 

Somo has built its reputation as a leader in the second charge market, offering brokers unrivalled expertise and competitive second, third and equitable charge solutions. While the lender has always provided first charge lending, Somo Prime is a major step forward – bringing the same innovation, rates and appetite to find a way to say “Yes” that brokers have come to expect from Somo’s second charge deals. 

This market-leading product caters to borrowers with clean credit files, proven income, a reliable and evidenced exit strategy and security assets in prime locations. 

Jade Keval, Sales Director at Somo, commented on the launch: “We’ve made our name in second charge lending, but brokers have consistently asked us to bring that same competitive edge to first charge loans. While we’ve always offered first charge lending, Somo Prime is our way of raising the bar – giving brokers a stronger, more compelling solution for their prime clients. Now, we’re setting our sights on being the go-to lender for both first and second charge bridging!”

Continuing on its mission, why make bridging difficult, Prime has also been created with these other stand out features – no lender legal fees until completion and a “no completion, no fee” guarantee, direct access to an Underwriter from the day a case “locks in” plus the loan is based on the borrowers’ property’s Open Market Value, not restrictive 180 or 90-day values. Somo also promise that the loan process is entirely paperless until completion, with one hour offers and just a simple 18-point checklist required for Somo to provide an offer.

Keval added: “We know that brokers have been looking for a lender that combines competitive pricing with a straightforward process for their prime clients. Somo Prime does exactly that – giving brokers a fresh, compelling option for first charge lending while maintaining the exceptional service standards we’re known for. This is a Prime product for Prime clients and we’re very confident our rates reflect that.”

The launch of Somo Prime underscores Somo’s commitment to evolving with broker demand and expanding its product range to meet the needs of a growing client base. Brokers can turn to Somo for every type of case, first, second, third and equitable charges and every borrower profile from super clean to adverse.

Broker, Anthony Wright of Always Wright Mortgages Limited, also shared their enthusiasm for the new product: “It’s great to see Somo enhancing its first charge offering with Somo Prime. They’ve already built a strong reputation in second charge lending and this improved product gives us an even more competitive option for our cleaner cases. The genuinely nice team, service and reliability we expect from Somo make this a fantastic addition to the market.”

For more information about Somo Prime, call Somo direct on 0161 312 5656.