Specialist lending firm Somo Bridging has marked its most successful month ever, with an 85% increase in locked-in deals during February due to its Free Legals promotion.
The promotion, which offered to cover up to £2,000 in lender legal fees for deals locked-in by the end of February, led to a surge in inquiries and a commitment from Somo to cover over £100,000 in borrowers’ legal fees.
Jade Keval (pictured), Somo’s sales director, said: “When we launched this promotion, we hoped to replicate the success of last year’s, but we’ve smashed our target with the number of lock-ins achieved.
“Free legals has been a great incentive for Brokers to get deals over the line, so our feet didn’t touch the ground last month.
“We’ve committed to covering over £100,000 in Borrowers’ legal fees, four times last year’s amount, which will be a real bonus to them at a time when making savings seems more important than ever.
“Aside from savings for the Borrower, deals like this help drive business for Brokers and create a point of difference when choosing one lender over another.”
Gareth Davies from Y3S was one of the brokers who took advantage of the free legals promotion.
He said: “The Somo Free Legals offer was an absolute home run for us brokers. It was only a few months ago that we had the valuation refunds, so to now have the free legals so soon after makes it an easy decision when placing a deal.
“.,The guys at Somo run the deals with common sense in mind and we’ve had a great start to 2023 with them.”
