Somo completes second charge loan in just 20 days

By Bridging Loan Directory 21st April 2023

Specialist lending firm Somo Bridging recently completed a second charge loan in March 2023, taking just 20 working days to complete.

The £46,000 loan was for a business purpose, funding the client’s refurbishment works on a buy to let property and speed was key to the client, who wanted to rent out the property as soon as possible.

The loan completed quickly thanks to the seamless collaboration of all parties, including Fieldfisher, working together to efficiently meet the client’s needs.

Somo had the valuation and consent from the first charge lender back within seven days, and completion was achieved in 20 working days.

The broker involved in this loan had never worked with Somo before but was so impressed, they have since returned to the lender with further deals.

Sales Director Jade Keval says:

“It’s a great achievement to get second charge loans out in such a short period.

We’ve worked hard to fine-tune our second charge product and we’re now sector- leading for these types of loans. And this success story is a testament to that.”

Ben Rose, Relationship Director at Somo who oversaw the 20-day completion, said:

“Second charge funding can provide quick liquidity for businesses that need cash flow.

It’s versatile, flexible and can be a real lifesaver for clients who need funds for their business.

At Somo we stick to the right LTVs to balance risk and maximise the benefit for the client.”