Somo reports record quarter as deal sizes and broker activity rise

Somo has reported its strongest quarter on record, alongside its highest-ever monthly completions, with average deal sizes increasing and all members of the sales team exceeding targets.

The performance comes at a time when parts of the market are seeing smaller loan sizes and slower deal flow, positioning Somo as an outlier in current conditions.

Lock-ins, a key indicator of committed broker business, increased by 51% over the quarter, supported by rising repeat activity and larger deal sizes.

The results mark a significant milestone for the business as it targets further growth over the coming years.

Jade Keval, Sales Director at Somo, said the performance reflects a deliberate focus on simplifying the lending process for brokers:

“We’ve spent the last year making things simpler and more accessible, and brokers are responding to that.

Our core products, standard bridging, second charge and Valuation Only, continue to perform strongly, alongside newer solutions such as our Landlord’s Breathing Space loan.

We’ve also got further developments coming soon, which we’re excited to bring to market.”

Growing to meet demand

Somo is continuing to expand its sales and underwriting teams in response to increased activity, with a focus on maintaining service levels as volumes grow.

The lender says its approach combines product development, service delivery and technology, supported by ongoing investment in its team and culture.

Keval added: “As the market becomes more challenging, our focus is on making things easier for brokers. That approach is driving consistent demand and repeat business.”

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