Case Study: Funding Business Growth Plans

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 lending process involved restrictive criteria, extensive documentation requirements and lengthy approval times that were incompatible with the purchase timeline. With a desirable property available and a need to move quickly, the firm required a lender that could take a more pragmatic approach and provide certainty of funding within the required timeframe.

The Outcome

Somo stepped in with a Secured Business Loan funding solution, providing a loan of £395,000 at 9.2% p.a. over a three-year term. Unlike many traditional lenders, Somo was able to assess the opportunity based on the strength of the security available and the overall transaction, without requiring accounts or proof of turnover. This allowed the funding process to move forward efficiently and without unnecessary delays.

By taking a common-sense approach and focusing on the merits of the deal, Somo was able to offer a flexible structure, competitive pricing and a straightforward lending experience. The speed of execution gave the client confidence that the purchase could be completed on schedule, avoiding the risk of losing the property and disrupting its growth plans.

The transaction completed successfully and on time, enabling the law firm to secure its new premises and continue investing in the future of the business. With additional space to support expansion and a property strategy aligned to its long-term objectives, the firm was able to take a significant step forward in its growth journey.