Unlike previous years, there is no maximum saving limit for brokers taking up the deal
Specialist lender Somo Bridging is set to reintroduce its ‘One Month Interest Free’ offer for clients of brokers who secure deals with the firm between February 5 and 29.
During this month-long initiative, the lending firm will waive the interest for the first month for borrowers, applicable to both serviced and retained loans. Unlike previous years, there is no maximum saving limit for brokers this time around.
To be eligible, brokers must submit their lock-in and valuation fee payment by midnight on February 29. The first-month rebate will then be issued upon full repayment of the loan.
Appointed representatives within the various networks partnered with Somo will also enjoy an exclusive four-day early access period to claim the offer, starting from February 1.
The promotion has been popular among brokers in recent years. In 2023, it emerged as Somo’s most successful campaign, resulting in a 12% increase in the number of deals per month compared to the previous record and an additional 11% in completions per month. In 2022, the one-month interest-free promotion drove a 40% surge in committed business.
“One Month Interest Free is our most hotly anticipated promotion of the year, and we expect it will perform really well again,” Jade Keval (pictured), sales director at Somo, said. “Last year, Somo capped the saving at 1%, but this year, there is no maximum refund, so we encourage brokers to fill their boots throughout February and see how much they can save for their borrowers.
“Promotions such as these are a way to make bridging simple and attractive to borrowers and brokers. We pride ourselves on offering flexible products for any business purpose. We continue to ask, ‘why make bridging difficult?’ And our promotions are just one of the ways that we’re delivering against that.”
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