Somo, the peer-to-peer lender offering secured bridging loans, has joined Finova’s lending panel.
Finova is a mortgage and savings technology provider that works with over 3,000 brokers. Together they will provide broker support with market leading technology, improved procurement fees and customer relationship management, Somo said.
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“We’re excited about this new partnership,” said Jade Keval, Somo’s sales director.
“Not only because it will give us direct access to brokers who can benefit from our award-winning products, processes and customer service, but also because we share the same vision as Finova. We are both solutions focussed providers that work hard to support and meet the needs of brokers and their clients.”
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Somo has become one of a select panel of lenders available via Finova’s payment and mortgage services offering, giving the panel’s brokers the opportunity to offer their clients Somo products, such as Somo’s valuation only and second charge loans.
Earlier this year, Somo reached the milestone of over £250m lent to date.
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“Somo is a lender that makes things happen because the team is given the flexibility to complete on a wide variety of loan scenarios, even when borrowers don’t fit the standard lending criteria,” said Melanie Spencer, head of Finova’s payment and mortgage services.
“We’ve been impressed by Somo’s friendly and knowledgeable team, the versatility of its products and its funding lines, and we’re looking forward to a long-lasting working relationship that ensures our clients get what they need, when they need it.”