Rebranding to SoMo, which stands for ‘Social Money Limited’, is part of a plan to expand and continue to support customers.
Specialist lender SoMo, previously The BridgeCrowd, has launched an updated brand proposition as the business surpasses the £132m lending mark.
Rebranding to SoMo, which stands for ‘Social Money Limited’, is part of a plan to expand and continue to support customers.
Based in Greater Manchester, SoMo has continued to lend throughout the COVID-19 pandemic.
The business cited extensive due diligence processes and fraud prevention procedures as aspects that have minimised risk, allowing it to take on affordable and suitable loans with good security, giving the business the confidence to continue to lend.
SoMo reported £3.7m in net profit for the last financial year, lending to those seeking a bridging loan to cover residential or commercial property purchases for purposes such as business and investment purposes, property acquisitions and below market purchase, property refurbishment, auction finance and more.
The lender has secured a significant, institutional funding arrangement that is ultimately backed by Deutsche Bank to continue its sustainable growth trajectory and increase its customer and borrower base in the UK.
In the past eight years, SoMo has grown its headcount from five to over 50 individuals. During 2020, the lender has increased its team by 25%, and is moving to new premises in preparation for future growth.
The lender offers rates to borrowers up to 75% LTV.
Louis Alexander (pictured), CEO of SoMo, said: “We have seen significant and steady growth under the BridgeCrowd name, not rushing to increase the loan book at the expense of the quality of our loans.
"This has served us well in the face of a difficult year, allowing us to deliver for borrowers, brokers and investors.
“We have helped businesses to remain resilient and grow by using sensible alternatives to traditional lenders, providing flexibility and support in the changing environment we’re currently experiencing.
“Now we are preparing for our busiest 12 months to date as we predict more brokers and lenders will need to explore specialist loan options to aid their resilience and recovery in light of COVID-19.
“The new SoMo brand is a pivotal point in the development of the business and demonstrates how we are evolving into a more mature company, one that seeks to differentiate itself while still providing a secure and expert service for our customers.
"Our results stand head and shoulders above the crowd and it’s time our brand did too.”
