Cohort Capital delivers £18.2 million bridging loan in single weekend

By Bridging Loan Directory 3rd October 2024

Leading short-term bridging finance provider Cohort Capital has closed a loan of £18.2 million for a borrower in a single weekend, working to a Monday noon deadline that no major bank, debt fund or bridging platform could meet.

At 2pm on Friday 13th September, the alternative lender received an enquiry from an introducer for a high-net-worth borrower in a tight financial predicament.

The borrower had placed a EUR 2 million deposit on a 50 metre EUR 22 million super yacht.

However, a mainstream lender reneged on an earlier agreement to finance the next payment, leaving the borrower liable to lose the full deposit and transaction costs unless they could find £18.2 million before a noon deadline on the following Monday.

Cohort Capital met with the borrower’s family office manager to run through the asset schedule and agreed to lend the total amount required, secured first charge against a newly refurbished 10,000 sq. ft property on Belgrave Square.

With no preliminary legal or credit work, Cohort Capital secured approval for the loan in the room and within an hour of meeting the family office manager, without any external committees (subject to KYC and Legals).

Cohort Capital carried out a site inspection and instructed its solicitors at Mishcon De Reya LLP on Friday evening.

The organisation did not request a formal valuation nor an undertaking of Mishcon’s costs from the borrower as the banks were closed for the weekend and time was of the essence.

Mishcon, the borrower, and Cohort Capital worked through the weekend and completed the loan with ample time to spare before the noon deadline.

As a result, the borrower was able to complete the acquisition of the yacht and save their EUR 2 million deposit.

Bal Sohal, pictured, Co-Founder and Chairman of Cohort Capital, commented:

“Speed, reliability, and efficiency are our watchwords at Cohort Capital, and underpin everything we hope to achieve.

This particular loan, the quickest turnaround in the firm’s history, is further evidence that we can walk the walk.

It is a pleasure to report such a strong result for the borrower and we look forward to further building our relationship with them and other interested clients in the near future.”

Matt Thame, Co-Founder and CEO of Cohort Capital, commented:

“Working from a standing start, Cohort Capital moved with purpose to aid a borrower who was let down by a mainstream lender at the eleventh hour.

Our short-term loans provide swift and dependable solutions for high-net-worth individuals accustomed to receiving quality results without hassle or frills.

Cohort Capital can deliver when the big lenders buckle under pressure, and we are delighted to have secured such a fantastic result for the borrower.”

Kirpal Kaur, Real Estate Partner, Mishcon de Reya LLP, commented:

“This transaction shows that it is possible to achieve ambitious timelines when all parties are driven to achieve a common goal, in particular where a lender such as Cohort Capital is able and available to take swift commercial decisions.”

Chris Evans, Director, James Evans Financial Services commented:

“In 20 years of financial services experience, I have never seen a team come together so quickly and efficiently to support a client and deliver such an outstanding result in what was less than 5 official working hours.

We have a thrilled client and Cohort Capital to thank for a world-class delivery.”

The borrower’s family office manager commented:

“I have been a banker for two decades, and I never seen anything like this.

The speed and the precision is something to behold. Closing a deal in 48 hours from 6pm on a Friday to a full closure by noon on Monday can only happen when you have complete willingness to help a client meet their objectives and this is what Cohort Capital offers.

I was so impressed by its leadership’s total involvement at every stage of the process.

With our global interest and footprint, we look forward to growing our relationship with Cohort Capital in the near future.”