Somo Bewertungen 

Without a doubt, the biggest bunch of cowboys I've ever heard came across! Do they want to lend money?

First off, ask who their solictors are. If they're using FieldFi**er - you're in for a rough ride of pointless questions and delaying tactics. We were asked to produce original loan documents for a mortgage that was 15yrs old because Somo wanted to see it.

A few days before completion we were issued new loan documents that were somewhat £130k less than the loan documents that we signed a couple of weeks prior.

Aren't bridging loans supposed to be quick? Not if you use SOMO They're in no rush to get anything done at all, almost 3 months to complete - would not recommend.

Finally - if you're wondering why there are so many positive reviews and no negative ones, they remove the negative ones for being "inaccurate".

Beware the " unexpected" and get a guarantee of all areas you may be liable for in terms of searches etc
The line " each case is dealt with individually" as a reason for not being able to give exact costs was quoted too often.

Amazing service provided by Kyle Hunt & Claire Banks, nothing was to much trouble, even changing the loan size at the last minute. Bending over backwards, to provide out client with what they need. Always available or called me back when I got in touch, emails responded too within an hour (and quicker). Thank you so much, you both went above and beyond any expectations.

I borrowed £185,000 and received approximately £154,000 after excluding retained interest for a 12-month period starting in November 2022. From November, 2023I have been paying around £1,600 in interest, monthly to present. Now, I have been informed that I owe £278,000 over a 24-month repayment period, secured against my property.

This experience has been frustrating due to the unexpected increase in the repayment amount and the overall lack of transparency regarding the terms. I would caution others to carefully consider the implications of borrowing from this lender.

At the moment I am in deep “sea”, I need to come out. Is there anyone who can advise or help. Currently remortgaging but the escalations are making it quite challenging to do so. It’s like their interest is the house not the money. I am not prepared to loose the house.

IN RESPONSE TO YOUR RESPONSE

Thank you for taking the time to reply. However, my concerns remain unresolved. The significant increase in the repayment amount, coupled with a lack of transparency, has placed me in a very difficult financial position. While I acknowledge that terms exist, borrowers should not be subjected to unexpected escalations that make repayment increasingly unmanageable.

At the beginning of 2024, you further increased the outstanding balance, which led to the rejection of my mortgage offer. Now that I have secured another offer, your actions are making it even more challenging to proceed.

Additionally, your calculations fail to acknowledge key financial aspects:

The retained interest deducted upfront.
The 14 payments of £1,600 I have made since November 2023, totaling over £45,000 - possibly interest only (in two years, since - Nov 2022).
Despite this, you now claim I owe £325,000 on an original loan of £185,000—of which I only received just over £153,000. I need to be able to refinance to repay what I borrowed, but these escalating figures make that impossible. I am not planning to sell my home but to do what I can to save it. Put yourself in my shoes.

I urge you to reconsider your approach to transparency and customer support. If a fair resolution is possible, I am open to discussion. Otherwise, I will continue exploring all available options, including regulatory bodies and financial advice services, to ensure this situation is handled appropriately.

ADDITIONAL INFORMATION
I would like to bring to your attention that I have not yet discussed additional fees, including those for solicitors on both sides, which are all being incurred by me. I’m concerned that, as a regulated entity, you are offering an unregulated product, which I find to be quite misleading. I feel like what you want is the house not the money.

To be continued or to be updated..... hoping for a fair and favourable outcome. I hope and waiting!!!

Excellent service. They kept in regular contact with me on the case. Third parties slowed the process down but it's good that we got it completed.

Harvey, Jess and Andres got the deal done and it was an excellent job. Special thanks to them.

It was great journey

Joe, George and Jamie did an excellent job in processing my application and keeping me fully informed about its progress, assisting with the options open to me as it went along. The result is one I am pleased with and I would recommend Somo and the support, from those I mention above.

Joe Cash was absolutely phenomenal. I work with many Underwriters in my line of work, but Joe's swiftness, professionalism, knowledge and time sensitivity helped complete one of the hardest bridging cases I've dealt with. Thanks again Joe and of course his colleagues.

Underwriters were amazing on this case, Joe and Clare! very tricky work arounds were required and they pulled through!

An amazing bunch of people to work with. Great service, products and will be definitely working with them again!

First class service by Louis and the team.

Long term user of this service.

Highly capable bridging company with very good attention to detail and a clear aim to protect investor funds.

These people are like terriers the way they go after the crooks and defaulters in order to get the investors their capital back. Fortunately, most of their borrowers are honest but woe betide the dishonest ones. Thoroughly recommended.

I have invested in various P2P platforms for over 11 years and SOMO is the best.

Inevitably, the recovery process on defaulted loans sometimes takes a very long time, but because SOMO stands for detailed knowledge, meticulous preparation, persistence, and patience the eventual outcome is invariably good.

Since I joined SOMO in 2016 all completed loans have repaid all the capital and only one or two have paid less than the full amount of interest.

I am happy to recommend this company to other investors.

I feel Somo put the customer first. Whenever there is an issue with a loan Somo make sure the customer (lender) is fully informed and they go above and beyond to ensure the lender is not out of pocket. I’ve had my fingers burnt with other companies, but my trust has grown with Somo.

It has been a traumatised deal that could have ended with the client having to go elsewhere, but due to the professional and determined attitude of Joe Cash, Harvey and Jessica they got this over the line. The client in this case has gone to hell and back due to poor treatment by solicitors but we got there in the end.

I met Denae a wonderful lady and everything was fine, from start to finish I was told by her that the loan was approved and I needed to pay the lock-in fee of £350 AND the valuator fee of £654 a total of £1004 was paid, and after that, I got an email from Mr. KYLE the underwriter that my loan will pay out in few days,
thank you
Rob and Denae.

From the outsight we were able to work well with Nathan to move our position forward. Towards the end Suzanne was very helpful to ensure that we achieved a successful conclusion. I would recommend to others if required.

This company should be seriously investigated and the CEO jailed for totally ripping people off. How can you charge £13,000 for paying off a loan just over a month late even though I informed them? Heartless crooks.

Awful company and in my experience I feel are just a con with no intention of releasing fund
Been going through a deal since October 2023 was told completion would be end of January 2024 it’s now April and I’ve given up with them
They have done nothing but think of reasons to make the deal impossible, they should be helping us and have done the total opposite
They put a deal on the table and then change after they sent a valuation back £20000 below the value which increased our deposit
Then right before completion sent the so called asset manger to view the property again who then came back and said the cost of works would be above £50k when we are professionals who have told them cost of works would be £25k and that’s with plenty of contingency in it
So basically they have just wasted 6months of our time, the sellers time and also over £5k in fees paying for there solicitors, ours , and all the fees involved

Completely agree with the last comment they are a con and I don’t even think they have the funds and it’s all just a scam tbh, none of it makes sense