Second charge and bridging lender Somo has enhanced its offering with the launch of its Somo Prime range.
The Somo Prime products are designed for prime borrowers and have rates starting from 0.89% up to 75% loan to value (LTV).
The lender already offers first charge loans but said the Somo Prime range would provide the same innovation and rates seen across its second charge products.
The Somo Prime products are open to borrowers with clean credit files, proven income, a reliable and evidenced exit strategy and security assets in prime locations.
Jade Keval (pictured), sales director at Somo, said: “We’ve made our name in second charge lending, but brokers have consistently asked us to bring that same competitive edge to first charge loans.
“While we’ve always offered first charge lending, Somo Prime is our way of raising the bar – giving brokers a stronger, more compelling solution for their prime clients. Now, we’re setting our sights on being the go-to lender for both first and second charge bridging.”
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It has features including no lender legal fees until completion, a ‘no completion, no fee’ guarantee, access to an underwriter from the first day a case is locked in, and loans based on the property’s open market value rather than 90- or 180-day values.
Somo said the loan process was also completely paperless until completion, with one-hour offers and an 18-point checklist to ensure the lender will provide an offer.
Keval added: “We know that brokers have been looking for a lender that combines competitive pricing with a straightforward process for their prime clients. Somo Prime does exactly that – giving brokers a fresh, compelling option for first charge lending while maintaining the exceptional service standards we’re known for.
“This is a prime product for prime clients and we’re very confident our rates reflect that.”
Last year, the firm released a Euros product as part of its 10-year anniversary.
