Its £725m Highfield Asset Backed Securitisation 1 Limited (HABS) warehouse facility has been refinanced onto more efficient and flexible terms, while the maturity has been extended to December 2029.
Its Brooks Asset Backed Securitisation 2 Limited (BABS2) facility has been topped up with £83.5m of sub-performing loans that were previously funded within Senior Borrower Group 1 on improved commercial terms.
The HABS warehouse facility supports Together’s small balance commercial real estate lending, mainly serving SME businesses and commercial property investors in the UK. It was originally launched as a £525m programme in 2018, then extended in 2020 before being increased to £725m in 2023.
BABS2 is a bespoke facility comprising a diversified pool of sub-performing residential and commercial purpose loans and was completed in March last year. It succeeded the original BABS facility, which was launched in 2021.
The recent refinancing comes after Together’s successful issuance of its fifth public commercial real estate mortgage-backed securitisation in March last year.
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Gary Beckett, group managing director and chief treasury officer at Together, said: “Our ability to extend the maturity profile and improve terms within our funding structure reflects the strength of our business model and the continued confidence of our funding partners.
“This ensures we remain well-positioned to deliver sustainable growth and help our customers achieve their property ambitions.”
