SOMO has launched a new product for prime borrowers with interest rates up to 75% on loans (LTV) starting at 0.89%.
SOMO Prime is for borrowers with clean credit files, proven income, reliable and proven exit strategies and security assets at key locations. 
Lenders say the new product is a “big step forward” as it aims to bring the same innovation, fees and appetite as a second rechargeable loan product.
“We've been working hard to get the most out of our business,” said Jade Keval, SOMO Sales Director. “We named it on our second billing loan, but the brokers were consistently the same competitive and asked to bring in the first billing loan.”
“We've always offered first charging loans, but Somo Prime is a way to raise the bar. We provide brokers with a stronger and more attractive solution for Prime clients. Now we're building the talent to be lenders for both one and second charging!”
