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Bridging Loans with Somo: Flexible and Fast Solutions with Auction Finance

Discover how Auction Finance helps you secure bridging loans with Somo. Learn about their tailored lending solutions, fast approvals, and borrower-friendly approach.
For property investors and developers, time-sensitive opportunities require fast and flexible financing. Bridging loans offer the perfect solution, and Somo is a leading lender specialising in quick, tailored short-term loans. At Auction Finance, we make the process of securing bridging loans with Somo seamless and stress-free. This guide explores Somo’s loan features, benefits, and how our expertise can help you achieve your property goals.

Why Choose Somo with Auction Finance?

Somo, formerly known as BridgeCrowd, is a UK-based specialist lender offering unregulated bridging loans. Their focus on speed, transparency, and flexibility makes them a preferred choice for property investors.

When you work with Auction Finance, you gain:

  • Expert Guidance: Tailored advice for navigating Somo’s requirements.
  • Time Efficiency: We streamline the application process to secure fast approvals.
  • Enhanced Approval Chances: Applications optimised to meet Somo’s criteria.

Key Features of Somo Bridging Loans

1. Loan Amounts

From £27,500 to £3 million, catering to both small and large projects.

2. Loan Terms

Flexible terms up to 24 months, ideal for short-term financing needs.

3. Loan-to-Value (LTV)

Up to 75% LTV, with the possibility of 100% funding when additional security is provided.

4. Competitive Interest Rates

Starting at 0.71% per month, offering cost-effective borrowing solutions.

5. Property Types Supported

  • Residential Properties: Buy-to-let and Houses in Multiple Occupation (HMOs).
  • Commercial Properties: Offices, retail spaces, and mixed-use developments.
  • Land: Including development projects and land purchases.

6. Borrower Flexibility

Somo considers applications from a wide range of borrowers, including those with adverse credit.

How Auction Finance Simplifies Your Application?

Step 1: Initial Consultation

We assess your property finance needs and determine whether Somo’s bridging loans are the right fit.

Step 2: Preparing Your Application

Our team ensures your application includes:

  • Property Details: Type, location, and valuation.
  • Exit Strategy: A clear repayment plan, such as refinancing or property sale.
  • Financial Information: Proof of income or alternative security details.

Step 3: Submission and Liaison

We handle the submission process and communicate directly with Somo, ensuring quick decisions.

Step 4: Valuation and Legal Work

  • Valuation: Somo arranges for an approved property valuation.
  • Legal Checks: Our team coordinates with solicitors to finalise agreements.

Step 5: Approval and Funding

Once approved, funds are typically released quickly, often within days.

Example Scenarios for Somo Bridging Loans

Step 1: Initial Consultation

Scenario: An investor wins an auction property and needs £300,000 to complete the purchase within 28 days.

Solution: Auction Finance works with Somo to secure a bridging loan within a week, ensuring the investor meets the deadline.

Step 1: Initial Consultation

Scenario: An investor wins an auction property and needs £300,000 to complete the purchase within 28 days.

Solution: Auction Finance works with Somo to secure a bridging loan within a week, ensuring the investor meets the deadline.

2: Refinancing an HMO

Scenario: A landlord plans to refinance an HMO based on rental yield rather than bricks-and-mortar valuation.

Solution: Somo offers a tailored loan, enabling the landlord to refinance and optimise rental income.

3: Development Project

Scenario: A developer purchases land for a small residential project and requires short-term funding for planning approval.

Solution: Somo provides a bridging loan, repaid once the developer secures long-term development finance.

Why Choose Auction Finance?

  • Tailored Support: We understand the complexities of bridging finance and provide personalised solutions to meet your needs.
  • Specialist Expertise: Our team has extensive experience with Somo’s lending criteria, ensuring smooth applications.
  • Transparent Process: We keep you informed at every stage, ensuring clarity and confidence throughout.
  • Fast Approvals: Our streamlined processes and close partnerships with lenders like Somo ensure quick access to funds.
 

FAQs

Ans :Somo specialises in unregulated bridging loans, ideal for investment and commercial purposes.
Ans: Somo typically releases funds within days of approval, making them ideal for time-sensitive transactions.
Ans: Yes, Somo considers borrowers with adverse credit histories, focusing on the property and exit strategy.
Ans: Somo provides up to 75% LTV, with higher funding possible when additional security is offered.
Ans: Somo offers loans starting from £27,500, catering to smaller investment projects.

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