Somo delivers £260,000 facility to day nursery using third-party resi security

Somo delivers £260,000 facility to day nursery using third-party resi security

Somo has provided a £260,000 gross 12-month first charge facility to a day nursery in Hertfordshire.  The funding was used to clear a short-term loan, pay off personal debt secured against family property, and inject working capital to cover wage bills. The nursery needed capital urgently as payroll deadlines were near and existing facilities were unsuitable.  The security for the loan was a residential home owned by the director’s mother, not t…