Bridging lender SoMo has launched an interest-free deal for clients of brokers through the month of June.
Clients that lock in a deal with SoMo until 30 June will receive their first month interest free. The discount will apply to both serviced and retained loans, the group said.
To benefit from the promotion, loans must complete within six weeks of lock-in and valuation fee payment. The maximum discount offered is one per cent.
Founded in 2014, SoMo has paid £12.8m in interest to date, with an average return of 11.8 per cent. The firm, led by chief executive Louis Alexander (pictured) and previously known as BridgeCrowd, has lent over £190m across 1026 loans.
“We’re always looking for ways to give back to our brokers and their clients, especially in light of the current financial climate. And what better way to say a big thank you for their business,” said Daniela Gallucci, head of marketing at SoMo.
“At SoMo we make it our mission to find better ways to lend and support broker partners but just like our Great British Summer, this one won’t last for ever, so we’re encouraging brokers to act quickly and contact us about any and all deals currently on their desks.”
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