‘One Month Interest Free’ deal results in over 12% more ‘lock-ins’ for Somo
Specialist lending firm Somo Bridging has recently experienced its best month ever. Its exclusive ‘One Month Interest Free’ promotion in May resulted in the lender surpassing its previous record for number of deals in a month by over 12%, and saw an additional 11% completions within a month than its previous record.
As part of the month-long initiative in May, Somo pledged to refund borrowers one month interest upon repayment of the loan, with the discount applying on both serviced and retained loans, saving borrowers over up to 1% of their interest.
Somo’s sales director, Jade Keval said: “Initiatives like this are beneficial for brokers and their clients, and it’s results like this that prove their appeal. While we can provide borrowers a significant saving, we also hope our offers bring in more business for our Brokers.
“By being committed to making business easier and better for our brokers, this, in turn, makes for happy, satisfied clients who want to work with them again. It has been brilliant for Somo to see our busiest and best month ever – especially so soon after other record-breaking months this year.
“At Somo we like to do things differently and the One Month Interest Free offer is unique in the lending world. We have a great team talking to brokers every day to find out what makes their clients tick, and it’s because of these strong relationships that we can ascertain what will strengthen their arsenal when it comes to winning business.”
Somo’s One Month Interest Free promotion is just part of a string of initiatives the firm has launched to support brokers. Others include Free Legals, which sees the firm pay up to £2000 of the lender’s legal fees, bank holiday flash sales and a Black Friday promotion that gave Borrowers a massive 90% refund on valuation costs.
