Somo celebrates best month ever thanks to February’s Free Legals promotion

By Bridging Loan Directory 23rd March 2023

With 85% more deals locked in in February, specialist lending firm Somo | Bridging has celebrated its best month ever thanks to its Free Legals promotion, which could see the business covering over £100,000 of borrowers’ legal fees.

The free legals promotion promised to pay up to £2,000 in lender legal fees if brokers or borrowers ‘locked-in’ a deal by the end of the month.

It led to an exceptionally busy few weeks for the Somo team as news of the promotion spread and resulted in a significant increase in enquiries.

Somo’s Sales Director, Jade Keval said:

“When we launched this promotion we hoped to replicate the success of last year’s but we’ve smashed our target with the number of lock-ins achieved.

Free legals has been a great incentive for Brokers to get deals over the line so our feet didn’t touch the ground last month.

We’ve committed to covering over £100,000 in borrowers’ legal fees, four times last year’s amount, which will be a real bonus to them at a time when making savings seems more important than ever.

Aside from savings for the borrower, deals like this help drive business for brokers and create a point of difference when choosing one lender over another.”

Gareth Davies from Y3S was one of many brokers who took advantage of the free legals promotion. He said:

“The Somo Free Legals offer was an absolute home run for us brokers.

It was only a few months ago that we had the valuation refunds, so to now have the free legals so soon after makes it an easy decision when placing a deal.

The guys at Somo run the deals with common sense in mind and we’ve had a great start to 2023 with them.”