Specialist lender Together has successfully agreed a new credit facility of £90 million, targeted at funding its bridging finance activity.
The programme is supported by Goldman Sachs Private Capital and will run until January 2021, with the underlying loans drawn from across Together’s portfolio.
Marc Goldberg, Together’s commercial CEO, commented: “We have a clear strategy set out for the next five years and this additional funding will enable us to further increase our bridging finance lending. We’ve seen strong demand from businesses and investors in this area, and lent a total of £572.3 million of bridging finance in the 12 months to 30 September 2016. Meanwhile, across the group, annual lending topped £1 billion for the first time in our 42 year history.”
As a specialist lender to niche markets through an extensive distribution network, Together, which was established in 1974, offers short-term finance, auction finance, residential, buy-to-let and commercial mortgages, and secured loans.
Commenting on the completion, Gary Beckett, group CFO of Together, said: “The successful introduction of the Delta facility demonstrates Together’s strong financial position, our robust business model and the continued demand for our products. It will support our growth plans and sit alongside our existing funding channels which include the £1 billion Charles Street securitisation programme, the £255 million Lakeside securitisation programme and our recent £375 million capital markets bond issuance.”
Recent accolades include: Best Buy-to-Let Product Range, Best Near-Prime Product Range, Best Bridging Lender, Bridging Lender of the Year, Large Company Management Team of the Year (North West), The Sunday Times Grant Thornton Top Track 250, Best Service from a Bridging Finance Provider, Best for Auction Financing, Alternative Finance Provider of the Year and Best Secured Loan Provider.
EY acted as financial advisor and arranger to Together.