Peer-to-peer bridging lender SoMo has launched a larger loan product, SoMo300k+, which offers finance from £300,000 to £3m up to 75 per cent loan-to-value.
The product, which comes with a 1.75 per cent arrangement fee and no exit charges, has rates from 0.49 per cent and terms between three and 24 months, according to a report in Bridging&Commercial.
SoMo300k+ is available for individual and limited company borrowers for residential, buy-to-let, houses of multiple occupancy and semi-commercial properties and land as well as commercial properties, with residential security, although these properties are priced separately.
Read more: SoMo plans for a busy 2021 following rebrand
“Every product launch or change we make is based on feedback from our many valued brokers; we’re always listening,” said Jamie Jolly (pictured), who joined SoMo as managing director in January.
“Brokers are looking for lenders that aren’t shy of taking on larger loans and they want to be recognised for bringing in bigger business.
“So, we’ve launched SoMo300k+, a product specifically for loans over £300,000, providing a whole host of benefits and enhancements on our standard products, access to our senior people and new funding lines.”
In May, SoMo revealed it saw its profits increase just over £3.2m in the 12 months to 31 March 2020, up from approximately £2.9m the previous year.
The P2P property lending platform, which rebranded from The BridgeCrowd in December last year, also achieved a rise in its annual turnover from £10.9m in the year ending 31 March 2019, to £11.3m in the year ending 31 March 2020.