Manchester-based specialist lending firm Somo | Bridging has hit a significant milestone this week, marking the repayment of its 1,000th loan.
The firm’s diverse pool of investors has netted a cumulative interest of £14.9m as a result of this achievement.
Originally operating under the name BridgeCrowd since 2014, the firm rebranded as Somo in 2020. Their philosophy of ‘slow and steady wins the race’ has been at the core of their operations, culminating in over a quarter of a billion pounds lent in live and fully redeemed loans.
Somo’s success in lending and recovering is attributed to its experienced team boasting over 300 combined years in the sector. The bridging specialists offer a human-centred client service, avoiding the impersonality of automated portals.
Despite the financial pressures of 2022, Somo experienced a growth rate of 20%. The burgeoning demand for alternative lending has led to record-breaking performance already this year, causing Somo’s Investor Relations team to double in size.
With its wealth of expertise, market-leading products, and robust funding lines, Somo has been able to complete a wide variety of loan scenarios. Investors are seeing average returns trending at over 10% per annum.
Simon Cottrell (pictured), Somo’s head of recoveries & investor relations, attributes the firm’s success to its founder’s vision.
He 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.”
Cottrell further highlighted the role of the firm’s recovery team in their success. He added, “They are incredibly tenacious and successful, and a key reason we’ve succeeded at repaying 1,000 loans.”
Louis Alexander, founder and CEO at Somo, sees the milestone as a testament to their consistency in lending and recovery. He said: “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.”
One satisfied investor, Mr Hughes-Lawton, praised Somo’s approach to its partners and clients, saying, “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.”
