Somo reports best month ever in February
Somo Bridging has reported its best month ever in February, with 85 per cent more deals locked in due to its Free Legals promotion.
The campaign could see the business cover more than £100,000 of borrowers’ legal fees.
The Free Legals promotion promised to pay up to £2,000 in lender legal fees if brokers or borrowers ‘locked-in’ a deal by the end of the month.
The firm ran a similar promotion, worth £50,000 in legal fees, last March.
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The peer-to-peer bridging lender saw an exceptionally busy few weeks after the latest promotion was rolled out, resulting in a significant increase in enquiries.
“When we launched this promotion we hoped to replicate the success of last year’s but we’ve smashed our target with the number of lock-ins achieved,” said Somo sales director Jade Keval.
“Free legals has been a great incentive for brokers to get deals over the line so our feet didn’t touch the ground last month. We’ve committed to covering over £100,000 in borrowers’ legal fees, four times last year’s amount, which will be a real bonus to them at a time when making savings seems more important than ever.
“Aside from savings for the borrower, deals like this help drive business for brokers and create a point of difference when choosing one lender over another.”
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Gareth Davies from Y3S was one of brokers who took advantage of the promotion. He added: “The Somo Free Legals offer was an absolute home run for us brokers. It was only a few months ago that we had the valuation refunds, so to now have the free legals so soon after makes it an easy decision when placing a deal.”
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