Bridging
Together ups securitisation to £825m
Specialist lender Together has increased its revolving Lakeside securitisation programme (LABS) from £700m to £825m, which it attributed to its strong bridging performance.
The facility is mainly unregulated and regulated bridging loans originated by the group.
It was launched in 2015 as a £255m revolving securitisation facility, and was increased to £500m in 2019 and £700m in 2022.
The lender recently reported its results for the quarter to 31 March 2023, which showed that its loan book grew by nearly a third to £6.2bn compared to the same period last year.
It also revealed that its underlying profit before tax for the quarter was £41.3m.
Together has also been growing its team, appointing Andrew Douglas its national account manager for networks and clubs and Elliot Vure as sales performance director.
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Gary Beckett, group managing director and chief treasury officer of Together, said: “The successful upsizing of our LABS securitisation is a testament to the continued strength of Together’s business and, in particular, the strong performance of our regulated and unregulated bridging products.”