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Thursday, May 30, 2024
PropertyYear-end high for Manchester’s Somo as it smashes £300m lending goal

Year-end high for Manchester’s Somo as it smashes £300m lending goal

Manchester-based property lending firm Somo has ended the year on a high with the announcement that it has lent £313m to date with no capital losses.

All investors received 100% of their capital investment and a cumulative £25.9m interest was earned.

The alternative lending firm will celebrate its 10-year anniversary going into 2024 in a strong position, underlined by some of the highest return rates across the property lending sector, an experienced recovery team and the backing of reputable industry bodies.

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 are passionate about providing human-touch client service.

The firm experienced 12% growth during 2023 and doubled its Investor Relations team in April. Somo expects 2024 to be another record-breaking year.

Thanks to its market-leading products, years of expertise and funding lines, Somo is able to complete on a wide variety of loan scenarios. This year, it was amongst the first property lending platforms to pass on successive base rate rises, with returns reaching up to 13.2% in September and trending at over 10% p.a on average.

Somo’s head of recoveries & investor relations, Simon Cottrell said: “We’re delighted with what we’ve been able to offer investors this year – they’re getting the highest possible returns and we’re known for our skill in recovering loans where needed.

“As we go into our 10th year, we’ll continue with our ‘slow and steady wins the race’ strategy to ensure the longevity of our firm and to maintain the confidence of our investors. It works for us and is one of the main reasons we’re also celebrating zero capital losses on over £313m of loans.”

Louis Alexander, founder and CEO at Somo said: “Our ability to lend and recover with confidence has helped Somo to develop from a small family firm to one that has over 50 highly experienced colleagues who are passionate about alternative lending and the returns it can bring for investors.

“We have always operated to the highest standards and we were very proud that this year it has been recognised again. We became a patron lender of National Association of Commercial Finance Brokers (NACFB), which lets clients know they’re dealing with a team who knows the market inside out and adheres to a strict code of practice. Then we ended the year with a Bridging & Commercial award, several new company records and two exceptional endorsements from 4thWay.”

 

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