Together successfully upsizes LABS Securitisation

By Bridging Loan Directory 5th June 2023

Together Financial Services Limited (“Together” or “the Group”), one of the UK’s leading non-bank relationship lenders, has announced that it has successfully increased its revolving Lakeside securitisation programme (“LABS”) from £700m to £825m.

The LABS facility finances primarily unregulated and regulated bridging loans originated by the Group and was first launched in 2015 as a £255m revolving securitisation facility.

The facility was increased to £500m in 2019 and to £700m in 2022.

Over the past 12 months, Together has raised or refinanced over £2.4bn of facilities across 6 transactions, including private and public securitisations, as they continue to diversify and extend their funding profile to support their growth ambitions.

Together recently announced its results for the quarter to 31 March 2023, showing a 29.1% increase in the Group’s loan book (compared with Q3 2022) to £6.2bn and underlying profit before tax for the quarter of £41.3m.

Commenting on the transaction, Gary Beckett, Group Managing Director and Chief Treasury Officer of Together, said:

“The successful upsizing of our LABS securitisation is a testament to the continued strength of Together’s business and, in particular, the strong performance of our regulated and unregulated bridging products.”