The client required the funds urgently, as their previous lender pulled out of the initial deal — which had a higher leverage — at the final stages.
Cohort Capital remained more conservative in its underwriting approach, ensuring the loan amount was at a level it could deliver on and that the borrower was able to complete on the property and retain the £12m deposit.
The £22m facility — provided at 60% LTV over a 12-month term — will enable the client to secure the asset.
The client intends to convert the 40,000 sq ft building — a former school — into 33 high-end residential apartments in a privately gated development.
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Matt Thame, founder of Cohort Capital, said: “This is another great example of where our reliable funding and underwriting base has directly benefited the borrower market.
“We were able to provide certainty for the borrower by moving quickly at a lower LTV.
“If market turbulence continues, it’s likely we will continue to see less experienced lenders pulling out of deals, putting transactions at risk.”
Bal Sohal, chairman of Cohort Capital, said: “There is growing demand for stable, sensible, and quick funding — we believe certainty is good business in the current climate.
“We have a strong pipeline of comparable deals and are constantly looking for more suitable loan opportunities.”
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