Specialist lender SoMo has lent over £184m since the beginning of the year.
It has redeemed £117m in loans and paying £13.9m in interest to date in 2021 with zero capital losses.
Based in Greater Manchester, SoMo provides residential and commercial bridging loans secured over UK property. Its newly announced premises in London will act as a central hub for future expansion. It will have a dedicated London underwriting team that have experience in the London bridging space.
SoMo came about following a rebrand from The BridgeCrowd at the end of last year.
It also had over 350 offers in May totalling £75m, comprised of bridging loans for business and property investment purchases. Alongside this, the business signed 11 completions in a single day and further 28 in June alone.
Louis Alexander, CEO of SoMo, said: “It’s been a hugely encouraging first half of 2021 and we’re proud of our growth and achievements to date. Following the rebrand, the business has continued to evolve and build on our reputation as experienced lenders who truly understand our clients.
“But it’s true what they say, slow and steady wins the race. Our number one priority is providing safe and secure loans for our customers and investors, and as a business we’re aiming for incremental growth, rather than scaling up quickly at the expense of the safety of funds.
“We’d rather be in business for 50 years and prioritise safety and compassion for both investors and borrowers, than take unnecessary risk.”
