Somo Prime: £330k to Turn Auction Potential into Profit in just 18 Days

18 August 2026

The Challenge

The borrowers had successfully secured a substantial seven-bedroom semi-detached property in Luton at auction for £440,000, with plans to refurbish it before refinancing onto a long-term Buy-to-Let mortgage.

The property was vacant and required a full refurbishment, meaning conventional mortgage funding wasn’t suitable in its current condition. With an auction deadline to meet, speed mattered and the deal needed to move from application to completion without unnecessary delays.

The Deal

Somo provided a £330,000 first charge bridging loan at 75% LTV over a 12-month term through Somo Prime, with a rate of 0.82% pm.

The entire transaction completed in just 18 days, enabling the borrowers to secure the purchase and move ahead with their refurbishment plans.

Despite its current condition, the property offered considerable potential. The valuation identified a GDV of £525,000 following refurbishment, while the borrowers already had a Decision in Principle at £330,000 for Buy-to-Let refinance, providing a clear exit route.

The Outcome

By looking beyond the property's current condition and assessing the strength of the borrowers, their existing property experience and their refinance strategy, Somo was able to support the auction purchase in just 18 days from start to finish.

The borrowers can now complete their refurbishment programme and work towards refinancing the property onto a longer-term Buy-to-Let facility.

Why make bridging difficult?

About Somo

Award-winning Specialist Bridging and Business Finance | Why make finance difficult

Somo is on a mission to make finding the right alternative finance as normal as applying for a loan from a high street bank but much, much easier. In a world where traditional lending is often slow, rigid and full of red tape, Somo makes getting a loan fast, flexible and straightforward. Its goal is to change perceptions of bridging and non-bank finance, not as a last resort, but as a smart, accessible funding solution for all kinds of borrowers. From landlords to business owners, those with perfect credit to those with more complex profiles, Somo looks for reasons to lend, not decline.

Founded in 2014, Somo has lent more than £500 million to date, with zero capital losses to investors and a team boasting over 300 years of combined experience. Its approach is simple: loans from £27,500 to £3 million, for 1–24 months, across first, second, third and equitable charges. Any credit status is considered and Somo works with self-employed applicants, start-ups, expats, LLPs, limited companies and trusts.