In collaboration with Fieldfisher Solicitors, the £46,000 deal was secured for a refurb on a client’s BTL property, with the aim of letting it out as soon as possible.

Valuation and consent were received from the first charge lender within seven days, while completion was achieved within 20 working days.

Jade Keval, sales director at Somo (pictured above), said: “It’s a great achievement to get second charge loans out in such a short period.”

Second charge loans now make up 51% of Somo’s business.

•   What does the specialist finance industry need in 2023 and beyond?
•   Somo set to cover over £100,000 of borrowers' legal fees
•   Somo brings back limited-edition legal fee offer

Ben Rose, relationship director at Somo — and who oversaw the completion — added: "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.”

Earlier in March, Somo celebrated its best month ever following its free legals promotion in February.