10 Working Days to Get the Deal Done

07 September 2026

A borrower came to Somo needing to refinance an existing bridging loan that was due to go over term in just 10 working days.

Somo offered a second charge loan at 70% LTV of the Open Market Value, at 0.95% per month on our Classic Bridging product.

The deadline mattered. Missing it would have meant additional default fees and interest, potentially pushing the borrowing requirement out of reach and forcing the borrower to consider selling their property quickly rather than waiting for the right offer.

There was another potential complication too: the existing first charge lender was known for taking time to provide consent for second charge lending.

Getting moving from day one

Somo instructed the solicitor and valuer as soon as the case reached Underwriting, with the valuation inspection and report completed within four working days.

The legal enquiries were also progressed quickly, leaving just one outstanding point: formal consent from the first charge mortgage provider.

Rather than allow that to hold up completion, Somo took a common-sense approach.

We contacted the mortgage provider directly and confirmed that consent would be issued once their process had been completed. With that assurance in place, Somo agreed to proceed using an Equitable Charge, with the borrower’s solicitor undertaking to upgrade the charge once consent was received.

The result

The refinance completed within the borrower’s deadline, helping them avoid additional default fees and interest.

Crucially, Somo also honoured the original 0.95% monthly rate, despite completing on an Equitable Charge basis.

The borrower now has a full 12-month term to market the property properly and pursue the best available offer, rather than being forced into a rushed sale.

Somo Senior Underwriter, Joe Cash commented:

“Ten working days is a tight turnaround for any refinance, but speed is about more than just moving quickly, decisions need to be made fast too. We got the valuation and legals underway immediately, as always stayed close to the case throughout and when first charge consent threatened to slow things down, we found a sensible way forward.”