Over £400m lent, zero capital losses: Somo brings 360° bridging to BLD

If any company is going to properly explain why bridging is not quite as complex as some brokers believe, then one with over 300 years of combined sector expertise looks like a good bet.

Altrincham-based Somo, which is joining the Bridging Loan Directory, has a simple but effective philosophy.

“We’ve always tried to live up to our tagline: “Why make bridging difficult?” – cutting out unnecessary red tape, picking up the phone, and making sure brokers get straight, no-nonsense answers quickly,” explained sales director Jade Keval.

360PROMISE

The philosophy is underpinned by its 360Promise. “It is the way we bring that ethos to life day-by-day. We look at every case from every angle – security, borrower, exit, structure – rather than box-ticking a rigid scorecard. Our default mindset is to find a way to say “yes” where others look for reasons to say “no”, all whilst ensuring we’re lending responsibly,” Keval said.

“Brokers get transparent communication: if something doesn’t work, we explain why and often suggest how to restructure the deal to make it fly. In practice, the 360Promise is what keeps brokers coming back – they know we’ll genuinely work the case, not just glance at the headline numbers and decline.”

That, alongside innovation, sector specialisms, experience and a human-centric approach have driven its now over 10-year track record of success.

Somo, led by chief executive Louis Alexander, started life back in May 2014 as Social Money, launching by the October of that year The BridgeCrowd – the UK’s first crowdfunding platform dedicated solely to secured bridging property loans.

“The aim was simple, to use technology to let people borrow and lend safely through property-backed bridging,” explained Keval.

In January 2015 the company, known by then as The BridgeCrowd, took on its first investor and by September it had lent its first £10 million.

In 2020 the company began its brand transition to Somo, continuing to lend through the pandemic and passed the £130 million lending mark.

“We had built a strong track record and loyal investor base,” explained Keval. “But we had also started to evolve from being purely crowd-funded to a hybrid model.

We still have a strong base of sophisticated and high-net-worth investors, who use our platform to access secured bridging loans, but we also have institutional funding lines. The common thread is that all capital is deployed into property-backed bridging loans under the same underwriting standards.”

Now just over a decade since launch Somo has lent over £400 million across more than 2,000 loans, averaging volumes in recent years at over 30 loans a month. It has a ten-year record of zero capital losses to investors and over a decade of proven performance in all kinds of market conditions.

SECOND CHARGE SPECIALISTS

Its biggest growth areas over that period have included second charge bridging loans with Keval stating that the company has become recognised as genuine specialists in this area. “That is at a time when many lenders either avoid second charge entirely or only dabble in it,” she said.

“Another growth area is valuation only and adverse credit. These are products that lend predominantly on the strength of the security, giving brokers a home for complex cases, historic credit issues and quirky circumstances.”

Prime and high-quality mainstream bridging has also been in demand including its Somo Prime range, which offers its lowest rates and highest LTVs for strong borrowers and prime locations.

“Those are absolutely still core to the business,” explained Keval. “Demand for second charge and “problem-solver” loans is strong, and we’re investing heavily in making sure brokers see Somo as the first call for both complex and vanilla bridging.”

While the company has experienced growth in its loan volumes and investor numbers, one area which has been more restrained is the team itself. It has 40 employees with its head office in Altrincham, Greater Manchester, and BDMs covering key regions across England, Wales and Scotland.

“We’re a specialist, not a giant- and we like it that way,” said Keval. “Within that team of 40 you are looking at between 250 and 300 years of combined bridging and property lending experience across underwriting, legal, finance and recoveries.

That scale means we’re big enough to be robust and consistent, but small enough that brokers still get direct access to real decision-makers. Slow and steady wins the race. It is growing for the right reasons and not growth for the sake of growth.”

It fits in well with another of the company’s USP which is ‘disciplined growth, with a human, problem-solving approach’.

BROKER FOCUSED

Innovation is a key part of that such as its Black Friday bridging campaign held in November for the past five years. During that period Somo offers brokers the choice of free valuation or free legals.

Perhaps unsurprisingly it has proven very popular with brokers. Last year’s campaign drove a 43% uplift in deals compared with a typical month, and, Keval said, it’s become one of the most anticipated events in the bridging calendar.

“A big part of what sets us apart is that we’re willing to innovate for brokers, not just for marketing headlines,” she said. “Our new products like Somo Prime also give brokers real flexibility, whether they’re placing very strong cases at low rates or trickier ones that need a more bespoke approach.

We are reacting to what the broker world needs, giving them breathing space in their work. It’s not just one-off promotions. It’s an ongoing pipeline of ideas that make brokers’ lives easier.”

Not just brokers, it seems.

In July it reduced its rates across both first and second charge bridging, at a time when many borrowers and brokers were feeling the pinch from higher interest costs. It cut first charge rates to 0.69% with up to 75% LTV, and second charge rates start from 0.85% with LTVs up to 70%.

“It’s had three clear impacts,” Keval said. “Affordability and a boost to volume and pipeline quality. We’ve seen an uplift in enquiries and completions, but importantly without loosening our credit standards.

In terms of broker relationships, it sent a strong signal that we’re prepared to move in support of the market, not just follow it. That has deepened loyalty from our broker partners.”

That is particularly important during tricky economic times. “Even with recent cuts, we’re still in a higher-rate world than brokers were used to for a decade. That affects exit strategies, valuations and borrower sentiment.

There is also property market uncertainty. Regional variations in values and transaction volumes mean you have to be very disciplined about LTVs and stress-testing.”

In addition, Keval said that the market is seeing higher regulatory and investor expectations. “There’s more scrutiny on governance, stress-testing and investor protection. We welcome it. It raised the bar,” she said.

BLD PUSH

What then of 2026? The aim is to keep optimising its existing products and services but also doubling the sales team to accommodate higher demand. The promise is that the company has several new products ready to launch over the next 12 months.

It kicked-off this drive in January when it launched its new Landlord’s Breathing Space Loan, a flexible bridging solution designed to help landlords manage cashflow pressure as rental market reform, higher costs and tighter yields reshape the buy-to-let landscape.

The product allows up to 24 months with no monthly payments, regardless of credit profile, providing immediate relief where rental income is tight or uncertain. Loans are available from £25,000 to £3 million and it is already seeing strong demand.

It is also ready to react quickly to events such as reducing rates across its core first and second charge products following the Bank of England’s 0.25% base rate cut to 3.75% before Christmas. Somo has lowered pricing by 0.25% across its key bridging products.

First charge rates now start from 0.65%, with second charge pricing reduced to 0.69%, improving affordability for landlords, buy-to-let investors and UK businesses seeking short-term finance.

Keval hopes joining BLD will help spread the word of the past, present and future of the business to more brokers in the UK. It also wants to drive home the message that the company has products open for “everything and everyone” from landlords to business owners, seasoned property professionals and first-time investors.

“We’ve joined the Bridging Loan Directory because it’s where brokers go to do their homework. Being on the BLD lets brokers compare Somo transparently against other lenders, and quickly see our products, criteria and contact details in one place,” she explained. “We want more people to see how we are making bridging more accessible.”

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