Specialist lending firm Somo Bridging recently completed a second charge loan in March, taking just 20 working days to complete.
The £46,000 loan was for a business purpose, funding the client’s refurbishment works on a buy-to-let property and speed was key to the client, who wanted to rent out the property as soon as possible.
The loan completed quickly thanks to the collaboration of all parties, including Fieldfisher, working together to efficiently meet the client’s needs.
Somo had the valuation and consent from the first charge lender back within seven days, and completion was achieved in 20 working days.
The broker involved in this loan had never worked with Somo before but was so impressed, they have since returned to the lender with further deals.
Jade Keval, sales director, said: “It’s a great achievement to get second charge loans out in such a short period.
“We’ve worked hard to fine-tune our second charge product and we’re now sector- leading for these types of loans. And this success story is a testament to that.”
Somo’s market leading second charge product allows for almost any borrower profile, circumstance and scenario and boasts a wide range of business purposes it can fund.
Awareness and demand for Somo’s second charge loans has grown rapidly over the past 18 months, and the lender has seen a 25% increase in second charge lending over the past year.
Second charge loans now make up 51% of Somo’s business.
Ben Rose, relationship director at Somo who oversaw the 20-day completion, said: “Second charge funding can provide quick liquidity for businesses that need cash flow.
“It’s versatile, flexible and can be a real lifesaver for clients who need funds for their business. At Somo we stick to the right loan-to-values to balance risk and maximise the benefit for the client.”
