Member Article

Somo ends the year on a high as it celebrates smashing its £300m lending goal

Manchester-based property lending firm Somo has ended the year on a high with the announcement that it has lent £313m to date with no capital losses , with all Investors receiving 100% of their capital investment and a cumulative £25.9m interest earned.

The alternative lending firm will celebrate its 10-year anniversary and goes into 2024 in a strong position underlined by some of the highest return rates across the property lending sector, an experienced recovery team and the backing of reputable industry bodies.

Somo’s ability to lend and recover is the result of over 300 combined years’ experience in the sector, and a team of seasoned bridging specialists that are passionate about providing human-touch client service, rather than hiding behind portals.

The firm experienced 12% growth during 2023 and, as a result doubled their Investor Relations team in April. Such is the requirement for alternative lending that Somo expects 2024 to be another record-breaking year.

Thanks to its market-leading products, years of expertise and funding lines, Somo is able to complete on a wide variety of loan scenarios. This year, it was amongst the first property lending platforms to pass on successive base rate rises, with returns reaching up to 13.2% in September and are trending at over 10% p.a on average.

In October, Somo achieved the highest possible rating from 4thWay, an independent ratings agency that helps investors compare the many risks, rewards and aspects of alternative lending, which gave the firm a ‘3/3 4thWay PLUS Rating’ reserved for lenders that 4thWay rate as ‘Exceptional’. More recently 4thWay has placed Somo in their Number one spot for best financial health amongst P2P lending companies.

Somo’s Head of Recoveries & Investor Relations, Simon Cottrell said: “We’re delighted with what we’ve been able to offer investors this year – they’re getting the highest possible returns and we’re known for our skill in recovering loans where needed.

“As we go into our 10th year, we’ll continue with our ‘slow and steady wins the race’ strategy to ensure the longevity of our firm and to maintain the confidence of our investors. It works for us and is one of the main reasons we’re also celebrating zero capital losses on over £313m of loans.”

Louis Alexander, founder and CEO at Somo said: “Our ability to lend and recover with confidence has helped Somo to develop from a small family firm to one that has over 50 highly experienced colleagues who are passionate about alternative lending and the returns it can bring for investors.

“We have always operated to the highest standards and we were very proud that this year it has been recognised again. We became a patron lender of National Association of Commercial Finance Brokers (NACFB), which lets clients know they’re dealing with a team who knows the market inside out and adheres to a strict code of practice. Then we ended the year with a Bridging & Commercial award, several new company records and two exceptional endorsements from 4thWay, which underlines just why investors can put their trust in us. We enter 2024 in a real position of strength and stability. Having traded profitably through Covid, property crashes and market upheaval, as we enter our 10th Anniversary year, I like to think that Somo is not just successfully surviving - but absolutely thriving.”

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