Somo, formerly known as BridgeCrowd, is a peer-to-peer lender, specialised in secured bridging loans.

Founded in 2014, the company has lent over £260.000.000 since, with an approach based on low rates and high speed. Using Somo, you can expect rates from 0.71% and loan completion under seven days, with a response time of under 30 minutes.

In this review, I will scrutinise Somo’s key features and products, eligibility criteria, application process, rates and ratings to help you decide whether this is the right choice for your borrowing needs.

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  • Rates
  • Range of Finance Options
  • Loan Size
  • Application Process
  • Customer Service

SOMO Review

Somo Bridging Loans: Overview

Somo offers a range of unregulated bridging loans from £27.5k to £3m for both residential and commercial needs. Loans can be used to quickly secure property purchases, fund refurbishments, raise capital, or refinance existing loans.

Key Features Include

  • Bridging loans from £27.5k up to £3m, with up to 70% LTV available
  • Up to 100% funding if you provide additional security
  • Rates start from 0.71% per month for terms up to 24 months
  • You can choose to service the interest monthly or to pay it at the end of the loan.
  • Any status accepted
  • New and experienced developers accepted
  • 1st, 2nd, 3rd and equitable charges
  • No funding delays
  • No credit check for most products
  • Get a decision in principle in 30 minutes
  • All property types accepted as security, including residential and commercial
  • Adverse credit borrowers are accepted
  • No need for proof of income

Somo is a well-established lender with an excellent reputation. Their low rates (from 0.71%) and quick response time make it an excellent option for borrowers looking for trustworthy financing.

What are the Eligibility Criteria for a Somo Bridging Loan?

Accepted ApplicantsLimited companies, SIPPs, LLPs, ex-pats, Non-UK nationals, Self-employed, IVAs, CVAs, Credit Impaired, Owner, Occupiers, and Bankrupts
LocationUnited Kingdom [Excluding Northern Ireland]
Minimum Age18
Maximum Age
Minimum Loan£27.500
Maximum loan£3.000.000
Minimum Term1 Month
Maximum Term24 Months
Credit CheckClean credit required for low-rate loans
Exist strategyAn evidenced exit strategy is required for low-rate loans
Proof of incomeProof is required for low-rate loans

Application Process for Somo Bridging

Applying for a bridging loan with Somo is easy. Start by visiting their “Apply for a Loan” page, and input your loans and your personal details, like your loan amount, term, or interest repayment method.

The process will take you roughly 15 minutes. Somo will then instruct valuers and solicitors to start work and issue a Formal Mortgage Offer (FMO), leading to completion and funds release.

Usually, you can expect an offer within 30 minutes of your application, which is lightning-fast compared to most of their competitors.

Somo Bridging Rates

Here are the Somo bridging loan rates for 2023.

Somo Low-Rate Bridge

LTV1st Charge2nd Charge
< 40%0.71%0.86%
< 50%0.86%0.94%
< 55%0.91%0.98%
< 60%0.96%1.00%
< 65%0.98%1.02%
< 70%1.01%1.04%
Arrangement Fee2%
Exit Fee
EvidenceClean Credit & Title, Defined Purpose, and Evidenced Exit Strategy
Accepted SecurityResidential, BTL, HMO, Semi-Commercial, Light and Moderate Refurbs, Land and Commercial +0.2%

Somo Valuation Only Bridge

LTV1st Charge2nd Charge
< 40%0.96%1.05%
< 50%1.01%1.16%
< 55%1.05%1.21%
< 60%1.16%1.31%
< 65%1.25%1.36%
< 70%1.30%1.41%
Arrangement Fee2 to 3%
Exit Fee1 Month Interest
EvidenceRefused Consents, Unproven Income, Equitable Charges, 3rd Charges, Flexible Purposes, Flexible Exits.
Accepted SecurityResidential, BTL, HMO, Semi-Commercial, Light and Moderate Refurbs, Land and Commercial +0.2%

Somo Reviews & Ratings

Somo Feefo Reviews

Overall, Somo receives very positive reviews, earning a perfect score of 5 out of 5 based on over 12 service ratings on Feefo. The number of reviews is low compared to some of Somo’s competitors, yes, but this doesn’t mean they’re not genuine.

Customers praise the lender’s speed, competitive rates, and responsiveness. Somo’s customer support team seem to be responsive and willing to solve issues quickly.

I couldn’t read anything negative on Somo yet, which doesn’t mean this lender is absolutely fault-free. However, reading the overwhelmingly positive reviews makes me think Somo is a robust and trustworthy company.

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Somo FAQs

Who is eligible for Somo bridging loans?

Somo accepts a wide range of applicants including limited companies, SIPPs, LLPs, ex-pats, Non-UK nationals, self-employed individuals, and even those with impaired credit or bankruptcy. The loans are available in the United Kingdom (excluding Northern Ireland), and applicants must be at least 18 years old​.

Does Somo offer any specialised products or terms for unique loan purposes?

Yes, Somo has provided Valuation Only loans for eight years, especially for borrowers with credit-impaired cases, flexible exits, and non-traditional loan purposes. They also launched a new large loan product called the SoMo300k+ deal, offering a rate of 0.49% with no exit fees and a reduced arrangement fee of 1.75%

How does the application process work for Somo bridging loans?

Applying for a bridging loan with Somo is straightforward. It involves visiting their “Apply for a Loan” page and entering loan and personal details like loan amount, term, or interest repayment method. The process takes roughly 15 minutes, after which Somo instructs valuers and solicitors to start work, and issue a Formal Mortgage Offer (FMO), leading to completion and funds release. Typically, an offer is expected within 30 minutes of application, a timeframe significantly faster compared to many competitors.