Lender raises a further £325m with securitisation

By Bridging Loan Directory 11th March 2016

Together, the North West specialist finance provider, has extended its largest funding line raising a further £325m.

The Cheadle-based group has expanded its Charles Street securitisation programme by £325m, bringing the total facility to £1bn, with the maturity extended to 2021.

The securitisation has been in place since 2007 and supported by RBS, Lloyds Bank, Natixis and HSBC, with Barclays also now joining the programme and committing £100m in this new transaction.

Gary Beckett, Together’s chief financial officer said:

“The upsizing of our Charles Street securitisation marks a major milestone in bringing the programme to £1bn, which will enable us to meet the increasing demand for finance across our markets.

“Along with enhanced terms and an extension of maturity by an additional two years to 2021, the revolving programme provides a long term flexible facility to support our strategic growth plans. In addition to our continued diversification of funding, we continue our substantial investment in strengthening our leadership team, developing our IT infrastructure and extending our distribution channels, together creating a solid platform for profitable and sustainable growth.”

Together has enjoyed strong growth in recent years, consolidating its different brands, such as Bridging Finance and Auction Finance in September 2015 to set itself apart as an industry leader in the specialist finance sector, lending to residential customers, property investors, professional landlords and SMEs.

In the 12 months to December 2015 annual new lending stood at £878 million, with strong demand across all Together’s products, including short-term finance, which increased by 65 per cent in 2015. As at December 2015 loan balances exceeded £1.6bn.

The Charles Street securitisation programme, rated Aa2 by Moody’s and AA by DBRS, sits alongside Together’s £255m Lakeside securitisation, which was introduced last year, and also the group’s capital markets bond issuance of £300m.