Somo Bewertungen 

This is a great place to invest. Obviously it would be nice if the borrowers never defaulted, but life happens and SoMo deal with it and never give up on chasing a bad loan.

Whilst it is inevitable that some borrowers will default on loan repayments I am confident that SOMO have covered all bases sufficiently well to ensure the lender does not lose out. Yes, it may mean that your investment is locked away for a while but equally comforting that the default rate of 13% has kicked in making your investment even more attractive. Having said that, not wise to put all of your eggs in one basket as loans in default May take a couple of years to sort out. I am more than happy though.

I've been investing with SOMO for a number of years and have been impressed by their diligence in managing the loan book. From my experience, would have no hesitation in recommending.

Simon and the team are second to none in the field of Bridging and a fantastic company to partner with. They treat their investors as true partners and clients are treated equally fairly. We would recommend Somo either as an investor or lender. Their track record speaks for itself. Definitely the No1 Bridging Company.

As a regular investor, I find that SoMo offers short term investments at very competitive rates of return and for variable investment periods.
The online system is very user friendly and communication from SoMo is good.
On the odd occasion where I've had to contact SoMo, I've found the staff very helpful.

Great investment returns for the social lending platforms. Successfully returned capital. Good responsive customer service with regular updates.

An investor with SoMo for a number of years.

Over 97% of my loans have repaid without issue. When issues do occur SoMo manages them both efficiently and effectively. Very impressed with their (100% repayment) track record to date, long may it continue.

Delighted with this investment opportunity. Great rates of return and customer service. Personalized. Unlike virtually every high Street bank! Highly recommended.

Great company with excellent track record in giving investors high rates of return. Although there is an element of risk here I would suggest that this is one of the better peer to peer facilitators.

I came back to somo as an investor having fortunately managing to get my money out of assetz capital. The rates in comparison to all other P2P platforms are exceptionally good .. over 10% Pa on average. The real plus here is the skill, depth of knowledge and experience of their customer service team … very very impressive indeed!

Great people, great service, deep knowledge base paired with a simple winning formula which is brilliantly executed. These guys know what they are doing!

Third investment with Somo and so far so good. I had a few queries with their dashboard so I called them and was pleasantly surprised when someone picked up the phone as other platforms I use don't seem to have actual people! Helpful and friendly and knowledgeable - that bit gets 5 stars. Their loans fill up quick is all I would say. So I've been a little frustrated at not being able to invest more when I want to.

Probably the worst bridging lender I have ever dealt with. I made an enquiry in early December which was promptly responded to with very competitive rates.

Then started going wrong, the case manager disappeared siting emergency annual leave which I understand but no courtesy email to advise *they* would be going away. I then progressed by late December advising that a valuer would be instructed immediately upon receipt of funds. 6 days after funds were sent, nothing.

A bridging lender that takes months to act, I sent bridged a deal within 1 week. 25%LTV, straight forward deal. The irony is their website asks how quickly you need the funds even giving the option of 1 day. Ironic.

Since I’ve learnt that SoMo changed their name a few years ago to cover the bad press they received. Every broker, developer I’ve spoken to in the industry laughs when you mention SoMo.

My advice - stay away.

This company approved me for a 2 year bridging loan in Aug 2021 and due to a delays with an insolvency company I could not move forward, then i contacted them again in Sept 2022 and the loan was re- approved then in Dec I needed to move forward with the loan and I provided them with all the information they required and then they decided they could not offer me the loan.
This is not the issue!!
They asked me for my bank details to refund valuation and processing fees of £722.
That was before xmas and i have sent several emails asking for a refund
I was told that they only make payments on Friday and I was promised the payment would go into my bank account on Friday the 13 Jan 2023
At 4.00pm I contacted them and I was told the payments go in at the end of the day
No payment has been received
The people or the company just don’t care and they do not operate with any integrity
If i have not received my money on the 16 Jan 23 I will have to start court proceedings to recover my monies
Disgusting

I am a broker and used to work with SoMo. I have had first hand experience with them and would not recommend them in any way.

I recently posted a review about my experience:

An extremely poor bridging lender vs an excellent bridging lender (Name and shame time)

I have been arranging bridging loans for client's for over 10 years. It has taught me a great deal about the important aspects of securing bridging finance for people. The single most important element of the job is very simple, it's the customer. Everything we do has to be focused on the best outcome for the customer - everything else is secondary.

Unfortunately, some bridging lenders do not understand or they simply do not care. They do not pride themselves in putting the customers first. They focus on how they can please their investors and in the process fail to have the right systems and procedures in place to ensure customers are being treated fairly and with integrity.

The extremely poor bridging lender – SoMo (Social Money)

We have had an extremely disappointing and disastrous experience with Somo. They dragged their heels on a very simple case for five months. To add further frustration to the process they increased the customers rate just days before completion, the rate rise was unwarranted, unjustified, and unethical. This type of shocking behaviour, which placed the customer in a very difficult position, naturally made the customer feel trapped and cornered. The customers only option would be to accept SoMo’s ridiculous and unwarranted last minute rate rise. I have never seen nor heard a lender increase its rate just days before completion. SoMo was effectively trying to take advantage of the client.

Out of sheer principle and frustration, the customer decided to make the difficult decision and walk away from the deal. The client by now had incurred thousands of pounds in costs to SoMo, valuers, solicitors and other associated fees. The customer had lost all faith in the lender as they wasted five months of his time and made him go through multiple hoops due to the lenders flawed systems, processes and incompetence. Jade Keval

The excellent bridging lender – London Credit

We approached the BDM of London Credit (Chris) and he immediately understood the urgency of the situation and acted on what was best for the customer. Chris managed to secure a lower rate compared to SoMo and saved the client thousands of pounds. The best part was that we completed the bridging loan in less than 2 weeks!

5 months vs 2 weeks – that tells you everything you need to know!

I had a dreadful experience with this Company, they took 4 months to do a bridging loan when advertising they can complete in 6 days. When i asked for a explanation (4 times) they just ignored my request.Due to there incompetence they cost us over £20k, I urge anybody thinking of using this company to think again.

We have a loan on which the borrower defaulted in 2017, and which is still not resolved. During this time, the borrower has been convicted of a criminal offence of fraud and spent time in prison. Clearly SoMo is unable to carry out effective due dilligence on borrowers, nor are they able to take effective action to recover property on defaulted loans. There are better P2P platforms out there.

I had a number of loans that went well. However, I went into a loan with a 35% loan to value. This loan defaulted and Somo simply acted like amateurs. When they took hold of security and sold it they could not pay back interest plus loan amount. How on a 35% loan to value, could this be possible. Only one reason, unprofessionalism or negligence . I am currently putting together a communication finder to discover others in this loan. As soon as we receive other investors I plan to start an attack. I imagine they will be more professional with this. It is important to mention they have all valuations covered with indemnity, however, when you look, the small print says 'May' cover. Looking forward to the battle.

One of the worst experiences I've had with any company on a personal capacity as well as a business owner. They do not value their customers and continued to make a catalogue of errors throughout my application and when refinancing with an alternative company which cost me additional fees due to their errors. I highly recommend you stay well clear of Social Money Ltd in any capacity.