Somo completes £1.65m refinance on London mansion in 14 days
19 March 2026
Somo has completed a £1,645,000 bridging loan at 70% LTV to refinance an expiring facility on a converted London mansion, delivering a fast, lower-cost solution in just 14 days.
The challenge
A property developer had recently purchased and converted a large mansion in London into an investment property intended for resale. The project was nearing completion, but the borrower had reached the end of their existing bridging finance term and required additional time to market and sell the property. Their current lender was unwilling to extend the loan at the same interest rate. As a result, the borrower needed a fast refinance solution that would:
- Repay the outgoing lender
- Secure additional time to sell
- Avoid increased borrowing costs
The solution
Somo structured a £1.645m first charge bridging loan via its Standard Bridge product, offering a more competitive rate and completing in just 14 days from initial enquiry.
The outcome
- Existing lender was repaid in full
- Nine-month extension secured
- £100,000 additional capital released
- £2,000 legal fees recovered
The refinance allowed the borrower to maintain momentum across their wider portfolio while maximising sale value.
Rob Johnson, Underwriting Director at Somo:
“This is exactly where bridging should make things easier, not harder. By taking a pragmatic view, we delivered a fast refinance that gave the borrower time, flexibility and a better cost position.” commented Rob Johnson, Underwriting Director at Somo.
