Together successfully prices commercial real estate MBS

Cheadle-based non-bank lender, Together, has announced the successful pricing of its fifth public small balance commercial real estate mortgage-backed securitisation (MBS).

The £522.2 million CRE5 securitisation is supported by a portfolio of first and second charge mortgages (97.9% first charge) secured against small value commercial, residential and mixed-use properties across Great Britain, with self-employed individuals making up 33.5% of underlying borrowers.

CRE5 complements the Group’s existing 12 public mortgage-backed securitisations, seven private securitisations, senior secured notes and revolving credit facility. Pricing of this facility follows the successful pricing in February of its £276.8 million 2nd charge only residential mortgage backed securitisation (RMBS), TABS13.

Gary Beckett, Group Managing Director and Chief Treasury Officer at Together, commented:

“We are delighted to announce the successful pricing of our latest small balance commercial real estate MBS, the £522.2 million, CRE5, which will further increase our support for UK SMEs. Issuing two public MBS transactions and two private transactions in the space of two months Together will have raised or refinanced £2.4bn since the start of the calendar year, highlighting the quality of our loan book and the ongoing support from our investors.”

Citibank acted as Arranger and Barclays, BNP Paribas, Citibank and Lloyds acted as Joint Lead Managers