Specialist lending firm Somo Bridging has celebrated its best month ever thanks to its free legals promotion, which could see the business covering over £100,000 of borrowers’ legal fees.
The free legals promotion promised to pay up to £2,000 in lender legal fees if brokers or borrowers ‘locked-in’ a deal by the end of the month. It led to a significant increase in enquiries.
Jade Keval (pictured), Somo’s sales director, said: “When we launched this promotion we hoped to replicate the success of last year’s but we’ve smashed our target with the number of lock-ins achieved. Free legals has been a great incentive for brokers to get deals over the line so our feet didn’t touch the ground last month.
“We’ve committed to covering over £100,000 in borrowers’ legal fees, four times last year’s amount, which will be a real bonus to them at a time when making savings seems more important than ever. Aside from savings for the borrower, deals like this help drive business for brokers and create a point of difference when choosing one lender over another.”
Gareth Davies from Y3S added: “The Somo Free Legals offer was an absolute home run for us brokers. It was only a few months ago that we had the valuation refunds, so to now have the free legals so soon after makes it an easy decision when placing a deal. The guys at Somo run the deals with common sense in mind and we’ve had a great start to 2023 with them.”
