Specialist bridging lender Somo has surpassed the £300m lending milestone, because it goes into its tenth 12 months of operation.
The agency introduced that it has lent £313m to this point with no capital losses, with traders incomes a cumulative £25.9m in curiosity.
Somo has celebrated various file months this 12 months by way of the variety of offers and completions. It mentioned that it expects 2024 to be one other record-breaking 12 months.
The lender has elevated rates of interest for traders consistent with base price rises, with returns reaching as much as 13.2 per cent in September and trending at over 10 per cent on common.
In October, Somo achieved the highest potential score from scores company 4thWay, which gave the agency a ‘3/3 4thWay PLUS Ranking’ for lenders that 4thWay charges as ‘Distinctive’.
And final month, 4th Approach ranked Somo as primary for greatest monetary well being amongst peer-to-peer lending platforms.
“We’re delighted with what we’ve been in a position to provide traders this 12 months – they’re getting the best potential returns and we’re recognized for our ability in recovering loans the place wanted,” mentioned Somo’s head of recoveries and investor relations, Simon Cottrell.
“As we go into our tenth 12 months, we’ll proceed with our ‘sluggish and regular wins the race’ technique to make sure the longevity of our agency and to keep up the boldness of our traders. It really works for us and is likely one of the most important causes we’re additionally celebrating zero capital losses on over £313m of loans.”