According to the bridging lender, this is partly a result of increased demand for its valuation-only product.

SoMo has seen more clients that fit the standard lending criteria opt for the valuation-only option instead, in order to benefit from speedier completions and a streamlined process — as the product requires no forms, no evidenced exit and no proof of clean credit income, funds or affordability.

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Jamie Jolly, managing director at SoMo (pictured above), said: “While around two-thirds of our valuation only customers have unprovable income or have been refused consent, we’re finding that brokers are now using the product to provide a solution for a wider client base, including completely clean credit customers. 

“It means offering our valuation-only product to credit-impaired clients, bankruptcy cases and SoMo clients that don’t fit into the standard lending criteria, alongside those clients that just want a simple, no-fuss loan, is helping our business grow. 

“Watching our customer base increase by almost a third over the last year has given us a real boost and we’ve made 14 new hires — including BDMs, underwriters and marketeers — to service this extra business.

“With more face-to-face meetings between BDMs and brokers now that restrictions have eased, relationships are even stronger. 

“This has led to 85% customer retention and more client business and we’re experiencing a 51% rate from conversion to completion."