SoMo plots product launches following record year
SoMo plans to launch three new products next year, including an expansion into the auction space, after achieving its most successful year to date in 2021.
By the end of 2021, the peer-to-peer bridging and development lending platform will have lent £190m and paid £15.23m in interest since its inception in 2014 while maintaining a return on investment of 11.8 per cent for its investors with zero capital losses.
SoMo plans to launch three products next year, including a SoMo auction with 75 per cent loan-to-value and rates of 0.49 per cent.
The platform will also update its valuation-only product in 2022 to open it up to a wider range of borrower profile and asset types.
Read more: SoMo reports record first half and expands with London office
“We have a strong relationship with our brokers and, following their invaluable feedback, we’re moving into the auction space,” said Jamie Jolly (pictured), managing director of SoMo.
“It’s been a really strong year for the business and it’s the right time for us to expand into a new audience of borrowers, allowing our valued partners and customers to further benefit from the talent within the group.
“The team has achieved so much this year; we’ve lent more than ever, had the highest number of completions and enjoyed a record-breaking day in business with our Black Friday campaign.
“In addition, in the last nine months, conversion rates have gone up from 20 per cent to 51 per cent and repeat business up from 40 per cent to 85 per cent.
“We’re very much looking forward to seeing what 2022 will bring, particularly with the launch of our new products and the opening of a new London office, which will have an expert London-based underwriting team to work in the capital’s highly competitive bridging space.”
In November SoMo launched a Black Friday borrower valuation deal and in August unveiled a larger loan product, SoMo300k+.