Together upsizes private residential securitisation programme

Cheadle-based property lender, Together, has announced it has upsized its £1.25 billion Charles Street securitisation (CABS) programme into two revolving facilities totalling £1.59 billion.

The separation of CABS, which supports residential owner occupier and buy-to-let loans, further simplifies the non-bank lender’s funding structure and aligns it with its residential-mortgage backed programme.

CABS was first launched in 2007 as a £500 million revolving securitisation facility. In 2014, the facility was increased to £675 million, before being further extended to £1 billion in 2016 and £1.25 billion in 2018. The facility has now been split into two revolving warehouse facilities:

• £1.2 billion Kingsway Asset Backed Securitisation will support 1st charge RMBS issuances
• £387m Wilmslow Asset Backed Securitisation will support 2nd charge RMBS issuances

The move has also seen four new banks added to Together’s facilities, while commercial terms have improved and maturities extended to December 2029.

Commenting on the transaction, Gary Beckett, Group Managing Director and Chief Treasury Officer of Together, said:

“We are delighted to announce the separation of our CABS securitisation into two more efficient bespoke revolving warehouse facilities to support our highly successful first and second charge RMBS issuance programmes. The separation of the facility on improved terms reflects the continued strength of our business and the long-term support of our funding partners.”

During calendar year 2024, Together raised or refinanced over £3.3 billion of facilities across seven transactions. The Group recently announced its results for the quarter to 30 September 2024, showing average monthly originations of £269.3 million, bringing its loan book to a new high of £7.6 billion and underlying profit before tax for the quarter of £53.7 million.