Property lender Somo has launched a brand new service designed solely for prime debtors.
Somo Prime will provide market-leading charges from 0.89 per cent, with loan-to-values (LTVs) of as much as 75 per cent.
The product will probably be accessible to debtors with clear credit score information, confirmed revenue, a dependable and evidenced exit technique, and safety belongings in prime areas.
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“We’ve made our identify in second cost lending, however brokers have constantly requested us to carry that very same aggressive edge to first cost loans,” mentioned Jade Keval (pictured), gross sales director at Somo.
“Whereas we’ve at all times provided first cost lending, Somo Prime is our manner of elevating the bar – giving brokers a stronger, extra compelling resolution for his or her prime shoppers. Now, we’re setting our sights on being the go-to lender for each first and second cost bridging!”
Somo Prime expenses no lender authorized charges till completion and comes with a “no completion, no charge” assure, and direct entry to an underwriter from the day a case ‘locks in’. The mortgage is predicated on the debtors’ property’s open market worth.
Learn extra: Bridging market predicted to develop in 2025
Somo additionally guarantees that the mortgage course of is fully paperless till completion, with one hour affords accessible following the completion of an 18-point guidelines.
“We all know that brokers have been searching for a lender that mixes aggressive pricing with an easy course of for his or her prime shoppers,” added Keval.
“Somo Prime does precisely that – giving brokers a contemporary, compelling possibility for first cost lending whereas sustaining the distinctive service requirements we’re identified for. It is a prime product for prime shoppers and we’re very assured our charges mirror that.”
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