Mishcon de Reya's Real Estate and Finance teams successfully facilitated a high-stakes transaction for short-term finance provider Cohort Capital, completing an £18.2 million luxury asset loan in an unprecedented timeframe. Time was of the essence as the deal, which involved securing a loan against a prime property in Belgravia, was completed to meet a critical deadline.
The borrower, a high-net-worth individual, faced a pressing financial challenge after a mainstream lender withdrew from an agreement to finance the next instalment for a €22 million superyacht purchase. With a €2 million deposit at risk, the borrower approached Cohort Capital in the afternoon of Friday 13 September, needing to secure the necessary funds by midday the following Monday.
Cohort Capital conducted a swift assessment of the borrower's asset schedule with their family office manager. The lender agreed to a first charge loan against a newly refurbished 10,000 sq ft property in the prestigious Belgravia, without the need for external committees, formal valuation, or an undertaking of Mishcon de Reya's costs from the borrower.
Mishcon de Reya were instructed on Friday evening, and, despite the tight timeline, the legal process was expedited to ensure the loan was completed in time for the Borrower to secure the purchase of the superyacht and safeguard their deposit.
The Real Estate team was led by Kirpal Kaur and the Banking team was led by Sarah Spurling.