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Cohort Capital saves developers £3m deposit with £18m acquisition facility

Georgia Ashley
Name
Georgia Ashley

The developer exchanged on the property in February, after securing a competitive entry price. On the day of completion, however, their initial lender withdrew their support due to funding line constraints, leaving the borrower in need of completion monies urgently.

Notice to complete was served, Cohort received the enquiry the same day and completed the £18m loan in 8 days – 2 days before the developer was due to lose their £3m deposit and transaction costs.

The borrowers commented, "Cohort Capital were nothing short of excellent during a period of uncertainty, where we needed quick, no-nonsense results. After approaching them with our situation, their solicitors were instructed within just a day of signing terms, with completion occurring just a week after. They truly took the time to understand our needs and worked tirelessly to make it happen."

Matt Thame, Co-Founder of Cohort Capital commented, ‘Unfortunately, we’re in a time where many traditional lenders, who are restricted by tight credit policies and rigid funding lines, are letting strong sponsors down.

‘However, it’s in those situations where we step up and highlight what sets us apart. Being backed by one of the UK’s largest and most successful property entrepreneurs, we can make quick decisions and provide discretionary capital swiftly. Combining this with our team’s extensive expertise means you can trust that we’ll deliver when you need fast solutions.

"We are delighted to have assisted the borrower in achieving their desired outcome, and we hope that other borrowers facing similar challenges know they can rely on us here at Cohort to not only deliver results but to do so with speed and reliability."

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