During this time, which is the group’s Q4 period, average loan to values (LTV) for originations stood at 61.8 per cent, up from 60.3 per cent in the three months to March.
The group generated record levels of originations in June at £3014.1m.
It gave an update to an announcement made in February, where the group said it was exploring strategic options to its ownership structure. Together revealed that while it had received “significant interest from investors”, due to current market conditions it was no longer pursuing these opportunities. Instead, it will look at other ways to support its growth plan.
During the quarter, Together said it added “significant and additional diversity and maturity” to its funding. This included the upsizing of its Lakeside securitisation from £500m to £700m, the issuing of its second charge residential mortgage-backed securitisation for £349m. Additionally, there was the completion of its third small balance commercial real estate mortgage-backed securitisation for £365m.
The group said despite economic uncertainty, it remained well placed to support its customers.
Gerald Grimes (pictured), group CEO designate of Together, said: “We have maintained our positive momentum into the fourth quarter, with originations up 25.2 per cent on Q3 and reaching record levels in June. We also continued to shape our business for an exciting future, further advancing our transformation agenda and adding £1.4bn of facilities to our funding structure since the end of March.
“With demand for our types of lending products expected to grow strongly, Together is well placed to help increasing numbers of underserved customers to realise their ambitions and to deliver our ambitious growth plans.”
Nick Parker appointed head of clubs and networks
Together has also announced the appointment of Nick Parker as its head of clubs and networks.
Parker joins from Aldermore where he was head of intermediary distribution for three years. In total, he has nearly 30 years’ experience in financial services having held roles at Lloyds Banking Group and Barclays.
At Together, he will oversee the strategic development of the channel and focus on the lender’s relationship with its networks and clubs. He will also design and deliver its growth strategy for stakeholders in personal and commercial finance.
Pete Ball, CEO of Personal Finance at Together said: “We are delighted to have Nick joining the team. Our clubs and networks are a crucial part of Together, and the relationships we have built and continue to nurture with them are of paramount importance to us.
“Nick brings extensive experience in a variety of roles across the industry which will be a great asset. He will help us meet our ambitious growth aspirations by supporting our clubs and networks with the fast and flexible finance services we are known for, tailored to their needs.”
Parker said: “From the first moment I spoke to Together’s leadership team, their passion for the business and for building a leading club and network proposition was clear. Together has an exceptional range of products and solutions to support lending backed by experienced and flexible underwriting.
“I’m excited to be part of the next chapter in Together’s journey and look forward to engaging with our club and network partners in the coming months as we start this journey together.”
Nick will be replacing Phil Quinn, who has been working as head of national accounts for the past two years.
Marc Goldberg, CEO of Commercial Finance said: “We would like to thank Phil for the incredible work he has done here at Together. In his time here, he has done an excellent job keeping Together connected to our club and network partners, and we wish him all the best for the future.”