Cheadle-based specialist property lender, Together, has announced the successful refinancing of its ADALO Asset Backed Securitisation facility, which supports its property development lending.
The £100 million ADALO Asset Backed Securitisation will provide ongoing funding for loans secured against both residential and commercial developments in England, Wales and Scotland.
The facility has been refinanced on improved commercial terms, with maturity extended to March 2030, with a revolving period ending March 2028.
Gary Becket, Group Managing Director and Chief Treasury Officer of Together, commented:
“We are delighted to announce the successful refinancing of our development securitisation facility, ADALO, on improved commercial terms and with the maturity date extended to March 2030. This facility will allow us to extend our support to even more residential and commercial property developers across the UK, helping to create vibrant communities and deliver much-needed homes and workspaces.”
Since the start of the calendar year, Together has raised or refinanced over £3.4 billion of facilities across eight transactions, including most recently its TABS14 securitisation in September, to strengthen and diversify the group’s funding programme to support its growth.
The Cheadle-headquartered non-bank lender has a loan book to £7.9 billion and has a 50-year history of offering flexible lending products including residential and buy-to-let mortgages, bridging loans, commercial mortgages and development funding.
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