Cheadle-based specialist lender, Together, has announced the successful pricing of its £443 million residential mortgage backed securitisation (RMBS).
The latest pricing of the 1st charge only securitisation is the second for the non-bank lender in just three months, and only its ninth overall. The new facility refinances assets from Together’s Charles Street facility, and is supported by a portfolio of 1st charge owner-occupied and buy-to-let residential mortgages secured against properties in England, Wales and Scotland.
Placed notes were priced at a weighted average cost of 1.48%, and 90% of issued notes are expected to be rated AAA by credit ratings agencies Fitch, S&P and KBRA.
Gerald Grimes, Group CEO Designate of Together commented:
“We are delighted to announce the successful pricing of our second RMBS this year, which will help us to support more residential owner occupier and buy-to-let customers in realising their ambitions.”
Gary Beckett, Group Managing Director and Chief Treasury Officer at Together, added:
“Over the last 12 months we have successfully added almost £1.5bn in funding to support our growth ambitions, highlighting the strength of our business model, quality of our loan book and strong ongoing support from our investors.”
Lloyds acted as Arranger and Joint Lead Manager accompanied by Barclays, MUFG and Wells Fargo as Joint Lead Managers.
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