Cogent Bank’s specialty lending group surpassed $100 million in loan commitments in fewer than 30 months.
Mike Skat, executive vice president of specialty lending at Cogent Bank, created a roadmap for how the group would operate and established the company’s growth goals. Throughout 2020, Skat and his team worked to grow the portfolio and assist with necessary liquidity support for existing borrowers through the Paycheck Protection Program and certain restructurings. The group’s last transaction of 2020 put it over $100 million in commitments.
“Reaching this milestone took a focused team effort between all members of the division, including Abbey Henderson, Cristina Brabson and Gabby Torres,” Skat said. “We also received outstanding support from Cogent’s credit administration, loan operations, the executive management team and our board.”
With offices throughout Florida, Cogent Bank grew to nearly $700 million in total assets by year end 2020 and completed several capital raises. The specialty lending group focuses on asset-based lending, lender finance and recurring revenue lending, with transaction sizes ranging from $1 million to $15 million.