Jamie Jolly, managing director of SoMo, said: “We have a strong relationship with our brokers and, following their invaluable feedback, we’re moving into the auction space."
Bridging loan firm SoMo will launch three products in 2022, including SoMo Auction, with 75% loan-to-value (LTV) and rates of 0.49%.
By the end of the year, SoMo said it will have lent £190m and paid £15.23m in interest since its inception in 2014, and that the business has maintained a return on investment (ROI) of 11.8% for its investors and zero capital losses.
Jamie Jolly, managing director of SoMo, said: “We have a strong relationship with our brokers and, following their invaluable feedback, we’re moving into the auction space.
“It’s been a really strong year for the business and it’s the right time for us to expand into a new audience of borrowers, allowing our valued partners and customers to further benefit from the talent within the group.
“The team has achieved so much this year; we’ve lent more than ever, had the highest number of completions and enjoyed a record-breaking day in business with our Black Friday campaign.
"In addition, in the last nine months, conversion rates have gone up from 20% to 51% and repeat business up from 40% to 85%.
“We’re very much looking forward to seeing what 2022 will bring, particularly with the launch of our new products and the opening of a new London office, which will have an expert London-based underwriting team to work in the capital’s highly competitive bridging space.”