Somo Opiniões 

Resposta da Somo

2/05/2024

Thanks you for your review. We would like to provide context to this review and give both sides of the story.

We were approached to provide finance to a company looking to purchase a land site in the North of England, the applicant had big plans for the site and we were told that a well known global franchise companies had made offers to purchase subject to certain planning permissions being approved and gained.

The main issue surrounding the security site, after careful consideration and after taking the opinion of a number of trusted and also local 3rd party was that the site value included a lot of "hope value" and this is not something that we would provide finance against. We have a duty of care to our stakeholders, investors and staff and we would not put them at risk providing finance against an asset that potentially could have a potential value rather than the value it was at the time of making the loan. Given this and the security type, we asked for additional security over bricks and mortar, residential dwellings. Unfortunately these requests were rejected, even though we had advised at day 1, on this basis, the application did not proceed to completion. We are sorry that you did not appreciate our decision, however, we are happy that we made the right lending decison.
Sincerely,
Somo