On Friday, 13th September, Cohort Capital received an urgent request for a short-term loan to cover a high-net-worth borrower’s £18.2 million payment on a 50-metre super yacht. The borrower had placed a €2 million deposit on the yacht but was left in a precarious position when a mainstream lender pulled out of an agreement, leaving them at risk of losing their deposit and transaction costs if they didn’t meet a looming Monday noon deadline.
The team at Cohort Capital was approached by the borrower’s introducer, and we immediately sprang into action, meeting with their family office manager to review the asset schedule. The loan was swiftly secured against a newly refurbished 10,000 sq. ft. property in Belgrave Square, one of London’s most prestigious areas.
Speed and efficiency in action
What made this deal extraordinary was the speed at which Cohort Capital operated. Matt Thame, Co-Founder and CEO of Cohort Capital explains that the firm worked “from a standing start and moved with purpose to aid a borrower who was let down by a mainstream lender.”
With no preliminary legal or credit work needed, the loan was approved within an hour of the initial meeting with the borrower’s family office manager, subject to standard KYC and legal checks. Cohort’s team carried out a site inspection of the Belgrave Square property on the same day and instructed its solicitors, Mishcon De Reya LLP, to proceed with the transaction immediately.
Time was of the essence – with banks closed over the weekend, there was no room for error. Cohort Capital and its partners worked tirelessly through the weekend to finalise the deal. Drawing on the team’s extensive experience and use of internal capital, Cohort ensured that by Monday morning the client had the funds needed to complete the yacht acquisition, avoiding the potential loss of a €2 million deposit.
Industry-leading results
The speed and precision of Cohort Capital’s work on this loan represents the fastest turnaround since we launched and what could be one of the quickest bridge deals in history, taking around five working hours in total to complete. It is a testament to our promise to deliver fast and reliable lending to high-net-worth individuals – a commitment which sets us apart from major banks, debt funds, and bridging platforms.
Chris Evans, Director at James Evans Financial Services, commented that he had “never seen a team come together so quickly” to support a client, while the borrower’s family office manager stated the effort to close a deal within 48 hours over a weekend was only possible because of Cohort Capital’s “complete willingness to help a client meet their objectives.”
Our mission at Cohort Capital is to support borrowers with unique circumstances and deliver solutions that truly align with their requirements. We don’t believe there’s a one size fits all approach to property finance. Instead, we work hard to provide a ‘yes’ where other lenders can’t offer support.
Whether you’re facing a similarly tight deadline to this deal, or seeking tailored financial support, we’re here to help you achieve your goals, and we encourage you to speak to us today to discuss your unique requirements and see how we can make a difference.
