Somo has revealed its strongest quarter to date, with its largest ever month for completions, despite a wider market backdrop of smaller loans and slower deal flow.
The specialist lender said every member of its sales team exceeded target during the period, while average deal sizes also increased.
The latest performance represents a lending milestone for the business, which said it has set its sights on doubling in size by 2028.
Somo said lock-ins, which it described as an indication of committed broker business, rose by 51% over the past quarter. The lender also reported higher levels of repeat business.
The figures come at a time when many brokers are dealing with tighter conditions and a more cautious lending environment.
Jade Keval, sales director at Somo, says: “We’ve spent the last year making things simpler, easier, just better all round – and brokers are feeling the difference.
“Our core products, standard bridging, second charge and Valuation Only, are performing incredibly strongly.
“Alongside that, we’ve continued to refine what we already do well, while launching new solutions like our Landlord’s Breathing Space loan.
“And we’ve got something genuinely ground-breaking coming very soon, which we’re all really excited about.”
Somo said it is now expanding its sales and underwriting teams as it looks to keep pace with demand.
The lender said its growth plans would be matched by continued investment in its internal culture as well as its systems and processes.
Keval adds: “This combination of award-winning products and service and AI powered systems backed by real people, in a market where things are getting harder, means we’re doubling down on making them easier. And brokers are responding.”
