Together loan book reaches £7 billion

Cheadle-based specialist lender, Together, has revealed its loan book has reached £7 billion in its latest quarterly results to March 31st 2024.

Alongside growth in its loan book, the non-bank lender has also seen average monthly lending increase by 24% compared to the same quarter last year to £262.5 million. Loan-to-value ratios also remain conservative, at an average of 57.5%.

Together has also issued two securitisations over the quarter to the end of March, including its first for development loan funding, and has issued a further two in the subsequent months as it continues to diversify its funding.

Commenting on the results, Mike McTighe, Chairman of Together, said:

“Together delivered another strong performance in the quarter to 31 March, with the loan book reaching a new high of £7bn while we maintained low LTVs and an attractive net interest margin.

“Monthly lending increased by 24% and net interest income, underlying profits and cash receipts rose by 32%, 26% and 42% respectively compared with the same quarter last year. We continued to shape our business for the future, completing the scope of the transformation project to further improve the experience for our customers and future proof our business, including selecting our new lending platform, nCino. Since the beginning of January, we have also successfully issued two RMBS transactions, launched our first development loan securitisation and refinanced one of our senior secured notes to further strengthen and diversify our funding.

“Looking ahead, while inflation has continued to fall and interest rates are increasingly expected to begin to edge down, UK GDP growth is forecast to remain fairly subdued in the short term. As we celebrate 50 successful years in business, we remain cautiously optimistic about the future and will continue to help our customers realise their ambitions and play our part in supporting the UK economy.”