
Cheadle based specialist lender, Together, has announced a successful refinancing of its revolving Lakeside securitisation (LABS) programme.
The deal improves the commercial terms on the securitisation, extending maturity from October 2023 to April 2026, and upsizing the facility from £500 million to £700 million. The refinancing has also added a new funding partner to the facility and the Cheadle lender.
Together’s LABS facility supports its unregulated and regulated bridging loans, and first launched in 2015 as a £255 million revolving securitisation. The refinancing deal announced on 13th April is the second for the facility, after the Cheadle lender first improved terms in 2019.
The upsizing of its LABS facility, including the introduction of a new funding partner, is indicative of strong support for Together’s growth plans, as well as the strong performance of assets supported by the securitisation.
Over the past 16 months, the Cheadle lender has raised or refinanced over £4.7 billion of facilities, including its DABS facility earlier this year, as Together looks to diversify and expand its funding profile.
Commenting on the transaction, Gary Beckett, Group Managing Director and Chief Treasury Officer of Together, said:
“The successful refinancing of our LABS securitisation on improved terms along with a significant upsize in the facility is a testament to the continued strength of Together’s business and, in particular, the strong performance of our regulated and unregulated bridging products.”
Despite a challenging pandemic period, Together’s quarterly results for the three months to 31st December 2021 showed an 11.7% growth in average monthly originations and a new loan book high of £4.4 billion.