Somo has completed a £1.2m first charge bridging loan against a Chelsea buy-to-let property, enabling an overseas borrower to refinance an expiring facility, avoid a discounted sale and release capital to support a growing hospitality business in Spain. The £1,207,500 loan was secured at 70% LTV against a property in Chelsea and completed through Somo Prime at a reduced rate of 0.75% per month. The challenge The borrower, a Spanish resident and experienced property investor,

A Midlands-based logistics start-up approached Somo for a Secured Business Loan after encountering a short-term cash flow challenge during a critical stage of its growth journey. Having been trading for just five months, the business had already secured a major contract that represented a significant opportunity to establish itself in a competitive market. The contract had the potential to generate substantial revenue and provide a strong platform for future growth. However,

The Challenge A UK manufacturing company approached Somo after securing a significant new contract that presented an exciting opportunity for growth. The contract had the potential to increase revenue, strengthen customer relationships and create a platform for future expansion, but there was one major challenge: the business needed to upgrade its machinery immediately to meet production requirements and fulfil the order on time. Like many growing businesses, the company's ca

The Opportunity A fast-growing wholesale swimwear business required £85,000 to help prepare for its busiest trading period of the year. The business was experiencing strong demand from retailers ahead of the summer season and needed additional funding to: Purchase extra stock before peak demand arrived Cover unexpected increases in supplier and operating costs Pay several outstanding business bills Maintain healthy cash flow during a critical growth period Although the busine

The Opportunity A growing Birmingham-based law firm identified an opportunity to purchase new premises on the same business park as its existing offices, supporting its long-term expansion strategy and creating additional space for its growing team. The acquisition represented an important step in the firm's development, allowing it to secure a property that aligned with its future growth ambitions. Obtaining funding through traditional channels proved challenging. The bank's

TL;DR A well-established day nursery in Hertfordshire needed urgent funding to replace an unsuitable short-term facility, meet payroll deadlines, and inject working capital to support growth. Somo structured and delivered a 12-month first charge bridging loan using third-party residential security. Overview Location: Hertfordshire, UK Facility: 12-month first charge bridging loan Gross loan: £260,000 (net £218,270) Security: Director’s mother’s residential property (third-par