Property lender Somo has celebrated its 10-year anniversary by saying that its buyers have earned £29m in curiosity with no capital losses thus far.
Since inception, Somo has loaned £333m to debtors, whereas buyers have earned as much as 13 per cent in returns over the previous yr.
90 per cent of recent portfolio investments come from current buyers, in accordance with a latest Somo survey. These repeat buyers instructed the platform that they had been interested in the excessive yields, the chance to put money into a mixture of fintech and people-based companies, the platform’s skilled restoration workforce, and the backing of respected trade our bodies.
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“We had huge ambitions 10 years in the past however might by no means have envisaged how profitable the agency could be,” mentioned Louis Alexander (pictured), chief govt at Somo.
“There may be a lot to be proud about together with our famend risk-reward stability, excessive returns, zero capital losses and relationships with buyers primarily based on belief and transparency.
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“Behind me is a passionate and tenacious workforce working laborious to make sure our loyal buyers proceed to get pleasure from all of this and extra as we evolve over the subsequent decade.
“One factor that received’t change although is our ‘sluggish and regular wins the race’ technique, which ensures the longevity of our agency and the arrogance of our buyers.”
Somo posted a pre-tax revenue of £6.2m for the 12 months ending 31 March 2023, up from £5.6m the earlier yr, in accordance with paperwork filed with Firms Home earlier this yr.
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