No bank red tape. No rigid criteria.
Just a better way to borrow without the typical heavy price tag of alternative lenders.
Borrowing for ANY business purpose
There’s no need for business or trading accounts or bank statements, and we don’t base decisions on turnover. Somo's Secured Business Loans are designed to work for a wide range of borrowers:
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Self-employed
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New start-ups
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Limited companies
Our only requirement is that the director or business owner is a home owner.
From starting up to scaling up, our
Secured Business Loans can support a wide range of business needs.
CASE STUDY
Funding big growth plans
A growing Birmingham-based law firm needed funding to buy new premises on the same business park as part of its longer-term growth plans. The business was performing well, but the bank introduced restrictive criteria and lengthy approval times that didn't fit the purchase timeline.
Somo provided a loan for £395,000 at 9.2% p.a. over a 3-year term without needing accounts or proof of turnover. With security available in the background, Somo offered a flexible structure, sensible pricing and a fast, straightforward process. The client completed the purchase on time and secured premises to support continued growth.
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CASE STUDY
Funding a seasonal stock purchase and outstanding bills
A start-up wholesale swimwear business required £85,000 to purchase additional stock ahead of a seasonal sales spike and cover unexpected increases in running costs. Although profitable, the bank could not act quickly, and revenue-based lenders proposed repayment structures that would have restricted cash flow during peak trading.
Somo structured a secured business loan, taking a broader view of risk. With a property as security, the loan was priced at 8.4% p.a. over six months without linking repayments to revenue. The client secured stock in time for early summer demand and gained the flexibility to manage higher ongoing costs.
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CASE STUDY
Using property to unlock business growth
A UK manufacturing company had secured a new contract but needed to upgrade machinery immediately to deliver. Cash flow was tied up in operations, traditional lenders couldn't move fast enough, and selling assets wasn't an option. The deal needed a lender who could look beyond trading accounts and focus on the bigger picture.
With a property in the background, Somo structured a £425,000 facility at 7.9% p.a. over 12 months without reliance on trading history or complex documentation, completing within 22 days. The borrower secured the machinery, delivered on the contract and strengthened their position for future growth.
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CASE STUDY
Solving a start-up cash flow crunch at month five of trading
A Midlands logistics start-up in its fifth month faced a short-term cash flow gap that threatened payroll just as it was about to begin a major contract. With limited trading history, it had been declined by other lenders and could not secure funds quickly through its bank.
Somo provided a £102,000 secured business loan using a commercial property as security, offering a 3-month facility at 8.9% p.a. without relying on trading records. With no upfront legal fees or interim payments, the deal completed in 11 days. Funds were released in time to meet payroll and deliver on the new contract without disruption.
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