The £409m transaction is backed by small-balance commercial real estate mortgages.
CRE7’s portfolio comprises first and second charge mortgages secured against commercial, residential and mixed-use properties across England, Wales and Scotland. First charge mortgages account for 98.2% of the portfolio.
It achieved a weighted average cost of 1.21% on the placed notes at a 95% advance rate. Around 83% of the issued notes are expected to receive AAA (sf) ratings from both Fitch and DBRS. The transaction is expected to settle on 28 October 2026.
The transaction boosts Together’s funding platform, which includes 12 existing public mortgage-backed securitisations, eight private securitisations, secured notes and a revolving credit facility.
Chris Adams, CFO at Together, commented: “The successful pricing of CRE7 marks our fourth transaction in four months, demonstrating the strength of our capital markets access and investor support. This £409m transaction further diversifies our funding platform and provides additional capacity to support our commercial customers and SMEs across the UK.”
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