Somo celebrates 1,000 loan milestone
Specialist lending firm Somo | Bridging has this week reached the milestone of repaying 1000 loans to investors, earning them a cumulative £14.9m interest.
Launched as the BridgeCrowd in 2014 and rebranding as Somo in 2020, the firm’s ethos of ‘slow and steady wins the race’ has played out with over a quarter of a billion pounds lent in live and fully redeemed loans.
Somo’s ability to lend and recover is the result of over 300 combined years’ experience in the sector, and a team of seasoned bridging specialists that provide human touch client service rather than hide behind portals.
The firm experienced 20% growth during 2022 and, such is the requirement for alternative lending, Somo is experiencing record breaking months already this year. As a result, Somo’s investor relations team has doubled.
Thanks to its market-leading products, years of expertise and funding lines, Somo is able to complete on a wide variety of loan scenarios and investors average returns are trending at over 10% p.a.
Somo’s head of recoveries & investor relations, Simon Cottrell 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 said: “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.
Investor Mr Hughes-Lawton commented on investing with Somo: “Somo is second to none in the field of Bridging and a fantastic company to partner with. They treat their investors as true partners and clients are treated equally fairly.”