Somo launches prime borrowing service

Property lender Somo has launched a new service designed exclusively for prime borrowers.

Somo Prime will offer market-leading rates from 0.89 per cent, with loan-to-values (LTVs) of up to 75 per cent.

The product will be available to borrowers with clean credit files, proven income, a reliable and evidenced exit strategy, and security assets in prime locations.

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“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,” said Jade Keval (pictured), sales director at Somo.

“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!”

Somo Prime charges no lender legal fees until completion and comes with a “no completion, no fee” guarantee, and direct access to an underwriter from the day a case ‘locks in’. The loan is based on the borrowers’ property’s open market value.

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Somo also promises that the loan process is entirely paperless until completion, with one hour offers available following the completion of an 18-point checklist.

“We know that brokers have been looking for a lender that combines competitive pricing with a straightforward process for their prime clients,” added Keval.

“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.”

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