The facility has been upsized from £1bn and continues to be supported by existing lenders BNP Paribas, Lloyds Bank and NatWest Bank.
LABS, which predominantly funds Together’s regulated and unregulated bridging lending, was launched in 2015 as a £255m revolving securitisation facility.
It has since has been expanded on four occasions, most recently reaching £1bn in November 2024.
Chris Adams, chief financial officer at Together, said the increase reflected the confidence of the group’s long-standing banking partners in its business model and growth strategy.
“This further upsizing of LABS reflects the continued confidence of our long-standing banking partners in Together’s platform, performance and disciplined growth strategy,” he said.
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“The increased facility provides additional capacity to support demand across our bridging products, while preserving the strong commercial terms and maturity profile of the programme.”
Together said it now operates a diversified funding structure comprising 13 public mortgage-backed securitisations, eight private securitisation facilities, secured notes and a revolving credit facility.
The lender added that it has raised or refinanced more than £2.1bn of facilities across five transactions so far this year, including the latest LABS expansion.
