Specialist lending firm Somo Bridging has reported its most successful month to date following the introduction of an exclusive ‘One Month Interest Free’ promotion in May.
The initiative resulted in a significant surge in the number of deals, surpassing the lender’s previous record by over 12%. It also led to an 11% increase in completions within a month compared to the previous record.
The month-long initiative offered a unique benefit to borrowers. Somo pledged to refund one month’s interest upon repayment of the loan, a discount applicable to both serviced and retained loans, which led to borrowers saving up to 1% of their interest.
Somo’s sales director Jade Keval (pictured) said: “Initiatives like this are beneficial for brokers and their clients, and it’s results like this that prove their appeal.”
Keval highlighted the firm’s commitment to making business easier and better for brokers, noting that satisfied clients are more likely to establish long-term relationships. “At Somo we like to do things differently and the One Month Interest Free offer is unique in the lending world,” she added.
Keval also credited the firm’s team for their proactive approach in building strong relationships with brokers, helping to determine what will strengthen their business-winning arsenal.
The ‘One Month Interest Free’ promotion is one of several initiatives Somo has launched to support brokers.
Other offers include ‘Free Legals’, whereby Somo pays up to £2000 of the lender’s legal fees, bank holiday flash sales, and a Black Friday promotion that offered borrowers a 90% refund on valuation costs. clients.
