“Historically, this path hasn’t been as favoured among brokers for their clients, but we’re witnessing a shift as bridging finance gains recognition for its versatility and advantages.”
She commented: “I don’t want to jinx it, but I feel the turbulence is behind us for now. With that being said, the rising cost-of-living means there will still be a high demand for our valuation only product and specialist lending. I expect we’ll see ourselves helping clients exit bridges in default, raising cash as a second charge or purchasing unmortgageable properties won at auction.
“Specialist lending thrives when the tickbox lenders pull back. It’s where more and more of your previously seen high street customers turn to us, often realising the ease and common sense used in securing them a loan. For us, hopefully, it means clients come back again when looking at their options for borrowing.”
How do lenders approach cases?
Somo, which was founded in 2014, specialises in bridging finance secured over UK property.
“The way we approach cases definitely differentiates us,” Keval explained. “We look at each loan independently and from every angle. Most lenders won’t wait to review all three parts of a case – legals, UW (underwriting) and valuation. If they see something they don’t like the look of, such as bad credit, they’ll say ‘no’ at that point. Our team looks at the case file holistically – all the credits and demerits as a whole – and will always try to find ways to say ‘yes’. We call this our 360 promise.”