Partner Article

Manchester’s Somo is ranked no.1 for ‘best financial health’ within the Peer2Peer lending sector

Manchester-based specialist lending firm Somo Bridging has been placed at number one for best financial health by 4thWay, a leading independent ratings agency for the alternative lending market.

Somo sits above Folk2Folk in second place and Kufflink in third place to top the list, which was compiled by Neil Faulkner, Head Researcher at 4thWay. The number one ranking follows an in depth, analysis of the lenders’ risks and rewards through interviews, analysis of detailed data, documented evidence and more.

When considering ‘best financial health’, Faulkner meant ‘the highest pound amounts made after all costs and taxes that have been stably achieved for years in a row’. In what will no doubt reassure Somo’s High Net Worth investors, Faulkner reveals: “Somo’s assets outweigh its debts by £7,210,000 and it has over £5 million in cash. Now that is true financial health.”

Somo is a second-generation family of lenders specialising in bridging finance secured over UK property. Since its inception in 2014 it has lent over £300 million across 1500 loans. The firm is proud of its record of zero capital losses, meaning all investors have received 100 per cent of their capital investment.

The news comes just months after Somo was rated ‘exceptional’ by 4thWay in a report that highlighted Somo’s high property lending rates, zero capital losses, bad debt recovery processes and exceptional calculated risk-reward balance.

Somo’s founder and CEO, Louis Alexander said: “What a way to end the year. The team works extremely hard to ensure investors have confidence that we can deliver in terms of high interest rates, service levels and risk mitigation. However, it’s also important for investors to have certainty in the firm’s future. It’s fantastic that a renowned agency like 4thWay has recognised that it’s not just about profitability, but ongoing stable profitability. We intend to keep it this way.”

Somo is independently audited. It has traded profitably since it was founded in 2014 and achieved 20% growth in 2022.

This was posted in Bdaily's Members' News section by Sarah Smith .