This year, there is also no maximum saving.
As part of the initiative, Somo will treat borrowers to their first month interest free and the discount will apply to both serviced and retained loans.
To qualify, brokers must pay in their lock-in and valuation fee by midnight on 29th February 2024.
The first month rebate will then be paid on full repayment of the loan.
Appointed representatives within the wide range of networks that Somo is partnered with have an exclusive four-day early access to claim offer from 1st February.
In 2022, the one-month interest free promotion led to a 40% increase in committed business.
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Somo’s sales director, Jade Keval (pictured above) said: “One month interest free is our most hotly anticipated promotion of the year, and we expect it will perform well again.
“Last year Somo capped the saving at 1%, but this year there is no maximum refund, so we encourage brokers to fill their boots throughout February and see how much they can save for their borrowers.
“We pride ourselves on offering flexible products for any business purpose.
“As we end January 2024 we continue to ask, ‘why make bridging difficult?’, and our promotions are just one of the ways that we’re delivering against that.”
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