Somo completes £1.65m refinance on London mansion in 14 days

Somo has completed a £1,645,000 bridging loan at 70% loan-to-value to refinance an expiring facility on a converted London mansion, delivering a lower-cost solution in just 14 days.

The borrower, a property developer, had recently purchased and converted a large London mansion into an investment property intended for resale.

With the project nearing completion, the existing bridging facility was approaching expiry.

The incumbent lender was unwilling to extend the loan at the same interest rate, leaving the borrower needing a fast refinance solution to repay the existing facility, secure additional time to sell and avoid increased borrowing costs.

Somo structured a £1.645m first charge bridging loan via its Standard Bridge product, providing a more competitive rate and completing within 14 days of the initial enquiry.

The facility enabled the borrower to repay the outgoing lender in full, secure a nine-month extension, release £100,000 in additional capital and recover £2,000 in legal fees.

The refinance allowed the borrower to maintain momentum across their wider portfolio while maximising the eventual sale value of the property.

Rob Johnson, Underwriting Director at Somo, said:

“This is exactly where bridging should make things easier, not harder. By taking a pragmatic view, we delivered a fast refinance that gave the borrower time, flexibility and a better cost position.”

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