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Together increases securitisation to £500m

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  • 31/10/2019
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Together increases securitisation to £500m
Together Financial Services has increased its revolving Lakeside asset backed securitisation to £500m with the addition of two more funders.

 

The securitisation was originally launched as a £255m facility back in 2015, with the aim of funding unregulated residential and commercial bridging loans. 

It has now been refinanced for the larger sum, while the maturity has been extended to October 2023, at what the lender said was a “significant margin reduction”.

Together now has three public securitisations in place, following the completion of the £332m TABS3 earlier this month.

Alongside these, it has four private revolving securitisation facilities, two series of senior secured notes, and a revolving credit facility. 

Gary Beckett, group managing director and chief treasury officer at Together, said: “The successful refinancing of our Lakeside securitisation provides a further £245m of liquidity to support our bridging lending and extends the facility to 2023.

“We are delighted to welcome a further two banks, while also achieving a significant improvement in terms, reflecting the robust performance of the assets supported by the Lakeside facility.”

 

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