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Specialist bridging lender Somo has surpassed the £300m lending milestone, as it goes into its 10th year of operation.
The firm announced that it has lent £313m to date with no capital losses, with investors earning a cumulative £25.9m in interest.
Somo has celebrated a number of record months this year in terms of the number of deals and completions. It said that it expects 2024 to be another record-breaking year.
The lender has increased interest rates for investors in line with base rate rises, with returns reaching up to 13.2 per cent in September and trending at over 10 per cent on average.
In October, Somo achieved the highest possible rating from ratings agency 4thWay, which gave the firm a ‘3/3 4thWay PLUS Rating’ for lenders that 4thWay rates as ‘Exceptional’.
And last month, 4th Way ranked Somo as number one for best financial health among peer-to-peer lending platforms.
“We’re delighted with what we’ve been able to offer investors this year – they’re getting the highest possible returns and we’re known for our skill in recovering loans where needed,” said Somo’s head of recoveries and investor relations, Simon Cottrell.
“As we go into our 10th year, we’ll continue with our ‘slow and steady wins the race’ strategy to ensure the longevity of our firm and to maintain the confidence of our investors. It works for us and is one of the main reasons we’re also celebrating zero capital losses on over £313m of loans.”
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