Together lends record £422m in Q1

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  • 17/05/2018
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Together lends record £422m in Q1
Together has revealed it lent a record £422m in the first three months of 2018 taking its loan book to £2.78bn.

 

The lender said it maintained an overall loan-to-value of its lending at 58.8% and achieved £29m profit before tax.

During the period it also saw a 38% increase in originations, issued a further £150m of bonds and refinanced its £255m Lakeside securitisation on improved terms.

Earlier this week it was revealed that Together founder Henry Moser jumped 75 places on the Sunday Times rich list to become the joint 134th richest person in the UK.

The list estimated Moser’s wealth had jumped by £410m over the past year, to see his worth hit £1.01bn.

Commercial CEO Marc Goldberg (pictured) said: “Together continued its strong growth in the last quarter, and we are proud to report another great set of results.

“The success and continued growth of our business would not be possible without the hard work and dedication of our 700 colleagues.

“We are delighted to have been recognised by our entry into the Sunday Times Top 100 Companies to Work For, at number 34, and I want to thank all of our colleagues for their continued commitment to helping our customers to achieve their financial ambitions.”

 

£900k second charge loan

Together also announced the details of an £879,000 interest-only second charge loan to investors who own almost a portfolio of almost 250 properties.

The second charge loan covered 26 of the rental homes worth £3.5m and will be used to allow the team of three to expand their portfolio which is operated through a limited company structure.

The borrowers wanted to keep the standing first charge buy-to-let mortgages with a favourable interest rate which they bought before the financial crisis.

The deal was completed in seven days and allowed the customers to move quickly with their plans to purchase more buy-to-let properties.

Jo Breeden, managing director of Crystal Specialist Finance, which brokered the deal, said: “This case shows that professional and experienced landlords and investors are focusing on growing their portfolios, despite the tax and regulatory challenges of recent years.

“This limited company didn’t want to lose the interest rates on their first charge mortgages by remortgaging their properties, so, in this case, a second charge was a great option.”

 

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