Specialist lending firm SoMo Bridging is launching a new campaign this July challenging brokers to find better a second charge loan.
Awareness and demand for SoMo’s second charge loans has grown rapidly in 2022. The Greater Manchester based firm has already seen a 25% increase in its second charge lending over the past year, and these loans now make up half of its lending.
SoMo’s FoMo marketing campaign earlier this year, which aimed to educate brokers on the huge potential of second charge, generated a 63% increase in second charge enquiries.
Sales director Jade Keval (pictured), said: “We’re so confident we have the best second charge product on the market so we’re asking brokers to challenge us to say yes to any second charge deals on their desk.
“Our second charge loans are superior both in terms of rates, which start at 0.6%, and the fact that we lend for any business purpose.
“When we say any business purpose, we mean it. That could include working capital, refinancing a Coronavirus Business Interruption Loan Scheme, paying staff or funding new ventures.
“We recognise that as the cost of living crisis deepens, businesses and individuals could struggle financially. For many, a second charge loan could get them out of a tight spot.
“So many brokers don’t realise the potential of second charge and equitable charge loans. A number of first charge lenders won’t even approve the second charge consent but as SoMo doesn’t require consent from the first charge lender, we see an increased acceptance rate of clients. We’re happy to accept this risk and our success in this area speaks for itself.”
SoMo welcomes all applicants, from individuals with adverse credit to businesses with a short trading history, and will lend on a director’s main residential home, even if it’s in the individual’s name.
Keval continued: “SoMo is lending more month on month and year on year. Second charge loans are a key part of our growth strategy and we’re committed to ensure we have the best and most widely available product on the market.”
