SoMo bridging will launch a promotion that will see it pay up to £2,000 of lender legal fees for deals that are ‘locked in’ by the end of the month.
The specialist lender says the offer, for brokers and borrowers, runs between 7 February and midnight on 28 February, and comes at a time when “the cost of living continues to bite”.
The move follows a similar promotion last year, which saw the business cover over £25,000 in lender legal fees.
SoMo sales director Jade Keval says: “For brokers, it’s a great incentive to get a deal over the line, and for borrowers, they get up to £2,000 back when they complete.
“We never ask for legal fees upfront so if they don’t complete, they don’t have to put their hands in their pockets at all.
“We refunded thousands back to borrowers last year so it’s easy to see why there was a huge appetite for us to run this again and we’re looking to smash this figure in 2023.”
The family-run firm, founded in 2014, uses crowdfunding to raise cash for its loans. Its range of lending includes bridging, house purchase, buy-to-let, houses in multiple occupation, light/heavy refurbishments as well as commercial and semi-commercial.