New bridging finance deals offer lower rates and streamlined processes
Two specialist lenders, Somo and Glenhawk, have launched new bridging finance products aimed at providing brokers and their clients with more competitive and streamlined lending options.
Somo, known for its second charge bridging finance offering, has introduced Somo Prime, a first charge product tailored for prime borrowers. The product offers rates starting from 0.89% and loan-to-value (LTV) ratios of up to 75%. It is designed for borrowers with clean credit files, proven income, a clear exit strategy, and security assets in prime locations.
“We’ve made our name in second charge lending, but brokers have consistently asked us to bring that same competitive edge to first charge loans,” said Jade Keval (pictured left), sales director at Somo. “While we’ve always offered first charge lending, Somo Prime is our way of raising the bar — giving brokers a stronger, more compelling solution for their prime clients.”
Somo Prime includes features such as no lender legal fees until completion, a “no completion, no fee” guarantee, direct underwriter access, and a loan valuation based on open market value rather than restrictive 90- or 180-day values. The lender also promises a paperless process until completion, with one-hour offers and an 18-point checklist to secure an offer.
Meanwhile, short-term property lender Glenhawk has launched Fast Track Residential Purchase, offering its lowest unregulated bridging rate, starting from 0.72%.
The product is designed to facilitate quick property purchases through a fast-track process and offers up to 75% LTV. It also allows for dual legal representation to help speed up completions. Loan sizes range from £250,000 to £5 million.
“The launch of ‘Fast Track Residential Purchase’ reinforces our commitment to delivering innovative, borrower-friendly products that help our clients act with speed and confidence in a competitive market,” said Guy Harrington (pictured right), chief executive of Glenhawk. “With a new low rate from 0.72%, we’re making it even more cost-effective to secure fast financing for residential purchases.”
Both lenders aim to enhance the bridging finance landscape by offering solutions that combine competitive pricing with efficiency, catering to brokers and borrowers looking for flexible and rapid financing options.”
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