Cheadle based specialist lender, Together, has announced it has successfully increased its revolving Lakeside securitisation programme (LABS) from £700 million to £825 million.
The LABS facility finances the Together’s bridging loans and first launched in 2015 as a £225 million revolving securitisation. The latest upsizing follows increases to £500 million in 2019, and to £700 million in 2022.
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.”
The latest increase to the Together’s LABS facility follows over £2.4 billion raised or refinanced across both private and public securitisations as the Cheadle lender has sought to diversify and expand its funding profile to support growth plans.
Recent financial results posted by Together revealed it has grown its loan book by 29.1% on the previous quarter in the three months to 31st March 2023 to £6.2 billion.
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