Together upsizes bridging facility to £600 million

Cheadle based specialist lender and mortgage provider, Together, has announced it has increased its facility for unregulated bridging lending to £600 million.

The Delta Asset Backed Securitisation 2 Limited facility (DABS), was originally launched as a £90 million facility in 2017 before being upsized to £200 million in 2019 and further upsized to £400 million in 2021.

The maturity of DABS has also been extended to December 2028, with improved commercial terms reflecting the continued strength of the Together business and long term support of funding partners, which have all recommitted to the facility.

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

“We are delighted to announce the successful £200m upsizing of our DABS facility on improved terms. The refinancing of DABS, one of our two securitisation facilities that fund unregulated bridging loans, adds further liquidity and depth of maturity to our funding structure as we help increasing numbers of customers to realise their property ambitions.”

Together, whose loan book surpassed £7 billion earlier this year, has a diverse and mature funding structure encompassing eleven public securitisations, six private securitisation facilities, two series of senior secured notes and a revolving credit facility. In the last twelve months the Group has raised or refinanced over £3.4 billion across eight transactions demonstrating continued strong support from its funding partners.