Somo to launch insolvency and bankruptcy products after stellar 2022
Somo Bridging will launch insolvency and bankruptcy products next year, after announcing that 2022 was its most successful year to date.
The bridging lender also said that November 2022 was its busiest month for deals since business began.
At the time of writing, the lender’s loan book stood at more than £254m, with zero capital losses. A Black Friday cashback promotion helped make November its busiest month yet, and led to a 400 per cent increase in deals of an average day for the company.
Somo has also increased its team this year, almost doubling its number of employees.
“Despite the economic turbulence we all experienced in 2022, thanks to the hard work and expertise of the Somo team, we’ve had an exceptional year,” said Louis Alexander (pictured), founder and chief executive at Somo.
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“As interest rates keep rising, we lead the way in the alternative lending sector and will continue ensuring borrowers reap the benefits of real life decisions being made based on common sense commercial lending.
“As more and more borrowers hit brick walls thrown up by traditional high street banks, we’re confident our business will thrive and we’ll find lending solutions for virtually any business need going forward.”
Alexander added that in 2023, Somo will launch a personal and business insolvency and bankruptcy product, which will be serviced by in-house insolvency specialists.
“We have helped many people through a rocky year and we look forward to helping many more in 2023,” he added.
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