Somo completes a £1.63m Prime Refinance Deal

13 March 2026

The Challenge

Miss A required a £1.63m refinance to redeem an existing bridging facility that was approaching expiry.

The original bridge had been used to acquire a substantial buy-to-let property in Hornchurch. With a redemption figure of £1.826m, timing was critical. There was no capital raise involved, this was a straight refinance, but the client needed a lender who could move decisively while taking a pragmatic view of the full position.

Although Miss A presented with a clean profile and no adverse history, the scale of the loan and the tight deadline meant execution risk had to be carefully managed. The refinance also relied on a contribution of approximately £366,000 from the completed sale of another property, which required clear evidencing and solicitor confirmation ahead of completion.

The Deal

Somo structured a £1,630,000 first charge facility at 65% LTV against a buy-to-let property valued at £2.5m.

The deal completed ensuring the existing bridge was redeemed ahead of expiry.

This was a sizeable transaction with several moving parts, but fundamentally underpinned by a strong asset and proven rental income.

The Outcome

Somo redeemed the outgoing lender in full, protecting Miss A’s position and allowing a smooth transition onto longer-term buy-to-let finance.

Why make bridging difficult?