Together upsizes securitisation programme to £1 billion

Cheadle-based non-bank relationship lender, Together, has announced the successful upsizing of its Lakeside securitisation programme (LABS) from £825 million to £1 billion.

The LABS facility primarily supports the lender’s bridging lending first launched in 2015 as a £225 million revolving securitisation facility. The facility has since increased to £500 million in 2019, £700 million in 2022 and further increased to £825 million in 2023.

The facility is one of 12 public and six private securitisation facilities supporting lending, alongside two series of senior secured notes and a revolving credit facility.

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

“The completion of yet another successful upsizing of our LABS securitisation, on improved commercial terms, reflects the continued strength of Together’s business and the long term support of our funding partners. The refinance adds further liquidity and depth of maturity to our funding structure as Together continues to help increasing numbers of customers to realise their property ambitions”

The upsizing of this latest securitisation programme to £1 billion takes Together to a total of £3.3 billion of facilities raised or refinanced this calendar year across seven transactions. This latest transaction comes ahead of the lender announcing its Q1 results for the three months to 30th September on 21st November.