Bridging
Together launches £467m securitisation to provide ‘depth to funding profile’
Specialist lender Together has launched a warehouse facility worth £467.4m, named Fairway Asset Backed Securitisation 1 Limited, which will provide additional funds to support property investors and homeowners.
The inaugural warehouse facility is for first charge owner-occupied and buy-to-let loans secured against residential property in England, Scotland and Wales.
The lender said that the facility is “closely aligned” to the group’s residential mortgage backed securitisation programme.
The facility matures in 2026.
Together has raised or refinanced around £4.3bn of faciltiies across nine transactions in the past 12 months.
In its latest results, the lender reported loan book growth was £5.7bn and average monthly originations to £289.7bn and underlying profit before tax for the quarter of £34.7m.
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Gerald Grimes, group CEO designate of Together, said: “We are excited to announce the successful launch of our FABS securitisation warehouse.
“This new facility will provide additional funding to help our residential owner occupier and buy-to-let customers realise their ambitions in the current challenging economic environment.”
Gary Beckett, group managing director and chief treasury officer of Together, added: “The launch of our FABS facility provides further depth to our funding profile and continues to underline the strength and resilience of Together’s business model.
“As part of this facility, we are pleased to welcome a new funding partner to the group and I would like to thank all of our banks and investors for their continued support.”