Somo Bridging has reported its greatest month ever in February, with 85 per cent extra offers locked in resulting from its Free Legals promotion.
The marketing campaign may see the enterprise cowl greater than £100,000 of debtors’ authorized charges.
The Free Legals promotion promised to pay as much as £2,000 in lender authorized charges if brokers or debtors ‘locked-in’ a deal by the top of the month.
The agency ran an identical promotion, value £50,000 in authorized charges, final March.
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The peer-to-peer bridging lender noticed an exceptionally busy few weeks after the newest promotion was rolled out, leading to a major improve in enquiries.
“Once we launched this promotion we hoped to duplicate the success of final 12 months’s however we’ve smashed our goal with the variety of lock-ins achieved,” stated Somo gross sales director Jade Keval.
“Free legals has been an important incentive for brokers to get offers over the road so our ft didn’t contact the bottom final month. We’ve dedicated to overlaying over £100,000 in debtors’ authorized charges, 4 instances final 12 months’s quantity, which might be an actual bonus to them at a time when making financial savings appears extra vital than ever.
“Other than financial savings for the borrower, offers like this assist drive enterprise for brokers and create some extent of distinction when selecting one lender over one other.”
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Gareth Davies from Y3S was one in all brokers who took benefit of the promotion. He added: “The Somo Free Legals supply was an absolute house run for us brokers. It was only some months in the past that we had the valuation refunds, so to now have the free legals so quickly after makes it a simple choice when putting a deal.”
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