Somo reports record month in May thanks to borrower promotion

Somo has reported that May was its best ever month, thanks to a ‘one month interest free’ promotion for borrowers.

The peer-to-peer bridging lender said that it surpassed its previous record for number of deals in a month by over 12 per cent, and saw an additional 11 per cent of completions within a month than its previous record.

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As part of the borrower promotion, Somo pledged to refund borrowers one month interest upon repayment of the loan, with the discount applying on both serviced and retained loans, saving borrowers over up to one per cent of their interest.

“Initiatives like this are beneficial for brokers and their clients, and it’s results like this that prove their appeal,” said Jade Keval (pictured), sales director at Somo.

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“While we can provide borrowers a significant saving, we also hope our offers bring in more business for our brokers.

“By being committed to making business easier and better for our brokers, this, in turn, makes for happy, satisfied clients who want to work with them again. It has been brilliant for Somo to see our busiest and best month ever – especially so soon after other record-breaking months this year.”

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Somo has launched a number of origination-focused promotions. Others include Free Legals, which sees the firm pay up to £2,000 of the lender’s legal fees, bank holiday flash sales and a Black Friday promotion that gave borrowers a 90 per cent refund on valuation costs.