- Rebecca Barrett
Property lender Cohort Capital has funded a £4.5 million loan secured against a short leasehold apartment on Portman Square, Marylebone.
The short-term loan was provided to a European-based hotelier who required funds quickly to cover operational costs within the Hotel Group. The borrower was introduced to Cohort after many failed funding attempts with other alternative lenders, having been previously declined due to the short lease nature of the apartment.
The borrower has substantial net worth and headroom in other London property, however this was pledged to a private bank who did not permit second charges or further advances over a certain LTV threshold. The only unencumbered asset within the portfolio, which was considered unmortgageable by banks, was the asset Cohort Capital lent on.
Matt Thame, founder of Cohort Capital, said: “This transaction demonstrates our unrivalled property and legal expertise and how it can directly benefit borrowers. In a highly saturated lender market where it’s a race to the bottom on pricing, it’s important we continually improve and promote our unique lending service.”
Cohort Capital, which began trading in 2019, is founded by property finance expert Matt Thame and is backed by Balbinder Sohal, who is chairman of the SevenCapital Group and co-owner of Cynergy Bank.
Cohort Capital works with borrowers, developers and landlords who have struggled with bank inefficiencies and credit policies within the £1 million to £25 million loan size space. Able to underwrite and structure each transaction in the most efficient and secure way, Cohort Capital offers a unique positioning for the alternative lending industry.
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