SoMo launches larger loan product

SoMo has introduced a new specialist finance product designed for larger loans.

SoMo300k+ offers facilities from £300,000 to £3m at up to 70% LTV on terms between three and 24 months, with rates starting at 0.49%.

The product comes with a 1.75% arrangement fee and no exit charges.

SoMo300k+ is available for both individual and limited company borrowers for various types of properties, including residential, BTL, HMOs and semi-commercial.

It is also available for land and commercial properties (priced separately), with additional residential security needed for these cases.

The product offers guaranteed funds (subject to underwriting) once a deal is locked in and a streamlined lending process, with no application forms or portals and remaining paperless until completion.

"Every product launch or change we make is based on feedback from our many valued brokers; we're always listening,” said Jamie Jolly, managing director at SoMo (pictured above).

“Brokers are looking for lenders that aren't shy of taking on larger loans and they want to be recognised for bringing in bigger business.

“So we've launched SoMo300k+, a product specifically for loans over £300,000, providing a whole host of benefits and enhancements on our standard products, access to our senior people and new funding lines.”

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