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Make short-term loans secured over UK property.
Why make
anything harder than
it needs to be.
We like to think of our brokers and introducers as part
of Somo.Like family, there’s no challenge we can’t find
a solution to, if we work together.
Somo honours the special relationship that Brokers
have worked hard to create with their clients and our ‘blended service’ means you focus on what you do best, managing the client and the case, whilst we do the
heavy lifting. Somo will process the application, instruct valuations, organise Second Charge consent and process the legals whilst providing as much support as the case needs – all directed by you.
Representative example: Based on interest only bridging loan. If you borrow £100,000 over 1 year at a rate of 0.6% pcm / 7.2% p.a fixed for the term, you will pay 12 instalments of £600 per month and a total amount payable of £109,850. This includes repayment of the net loan, interest of £7,200, an arrangement fee of £2,000 and administration fee of £650. The overall cost for comparison is 9.85% APR.
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