Specialist lending firm Somo Bridging has this week reached the milestone of repaying 1,000 loans to investors, earning a cumulative £14.9m interest.
Launched as the BridgeCrowd in 2014 and rebranding as Somo in 2020, the firm has seen over a quarter of a billion pounds lent in live and fully redeemed loans.
The firm experienced 20% growth during 2022 and says it is experiencing record breaking months already this year. As a result, Somo’s Investor Relations team has doubled.
Simon Cottrell (pictured), Somo’s head of recoveries & investor relations, said: “From the beginning, our founder Louis has said that slow and steady wins the race and this has proved be the right strategy for Somo and its investors. It’s a formula that works and we’ll continue doing what we do best, at a steady trajectory, to ensure the longevity of the firm and the confidence of our investors.
“Somo prides itself on the strength of its recovery team, who get actively involved in about a third of Somo’s loans. They are incredibly tenacious and successful, and a key reason we’ve succeeding at repaying 1,000 loans.”
Louis Alexander, founder and CEO at Somo, added: “This milestone proves our consistency in being able to lend and recover with confidence. We take a considered and thorough approach to lending, and by successfully applying our experience, we have achieved our goal of recovering loans and ensuring investors get good returns.”
