Real estate finance lender Cohort Capital has agreed to provide a £20m senior loan to a high-net-worth individual against a block of 22 luxury apartments in London’s Soho.
37 Golden Square, Soho, London
The 24-month facility refinances an existing private bank loan and provides equity release against the freehold property at 37 Golden Square.
The borrower acquired the property in 2017 and redeveloped it as a 27,125 sq ft luxury serviced apartment scheme over eight floors, with a triplex penthouse spanning the sixth to eighth floors and featuring two private terraces and dedicated lift access.
Matt Thame, founder and chief executive of Cohort Capital, said: “Increasingly, we are seeing private banks step away from high-quality assets because their lending criteria have changed or because they’re focusing lending on clients with larger assets under management.
“This dynamic is generating significant demand for flexible alternative capital to fill refinancing shortfalls, as experienced borrowers seek certainty of execution despite owning assets that are performing strongly.
“This is an area where we expect to deploy significantly more capital over the coming years, recognising that underwriting operational real estate requires specialist expertise to properly evaluate underlying performance and forward business plans.”
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