A UK specialist lender and investor platform, based in Manchester, has announced a rebrand following a significant funding line of £300m as the business surpasses the £132m lending mark.
SoMo – previously The BridgeCrowd – provides ultra-competitive rates for residential and commercial bridging loans secured over UK property.
Growing steadily since its initial launch in 2012, SoMo reported £3.7m in net profit for the last financial year. As one of the UK’s most established property investment platforms, SoMo has an unblemished track record, having suffered zero capital losses since its launch and a 100% recovery rate for all loans.
Rebranding to SoMo, which stands for ‘Social Money Limited’, is the next step in the evolution of the business, allowing the specialist lender to expand and continue to support customers with market leading products at affordable rates.
Based in Greater Manchester, SoMo has continued to lend throughout the COVID-19 pandemic, remaining resilient and fully operational, supporting customers with alternative finance options when other traditional lenders have been more cautious.
Extensive due diligence processes and fraud prevention procedures have minimised risk, taking on affordable and suitable loans with good security, giving the business the confidence to continue to lend. This has ensured the business has retained its 100% recovery rate for investors and has not prevented them taking back money at any point.
Building on its success, SoMo has secured a significant, institutional funding arrangement that is ultimately backed by Deutsche Bank to continue its sustainable growth trajectory, and increase its customer and borrower base in the UK.
This has provided significant reassurance to customers, as SoMo lends to parties on a responsible and affordable basis. Since 2012, SoMo has lent over £132m to customers seeking a bridging loan to cover residential or commercial property purchases, whilst delivering 6-12% returns to investors.
In recent years, SoMo has grown its headcount from five to over 50 individuals, attracting a wealth of expertise to continue to deliver customers the best possible experience. Throughout 2020, the lender has focused on expanding and has increased the team by 25%, and is looking to move to new premises in preparation for future growth.
Louis Alexander, CEO of SoMo, commented: “We have seen significant and steady growth under the BridgeCrowd name, not rushing to increase the loan book at the expense of the quality of our loans. This has served us well in the face of a difficult year, allowing us to deliver for both borrowers and investors.
“We have helped businesses to remain resilient and grow by using sensible alternatives to traditional lenders, providing flexibility and support in the changing environment we’re currently experiencing.
“Now we are preparing for our busiest 12 months to date as we predict more brokers and lenders will need to explore specialist loan options to aid their resilience and recovery in light of COVID-19.
“The new SoMo brand is a pivotal point in the development of the business and demonstrates how we are evolving into a more mature company, one that seeks to differentiate itself while still providing a secure and expert service for our customers. Our results stand head and shoulders above the crowd and it’s time our brand did too.”
