Together Increases Lakeside Securitisation.
Together Financial Services Limited
31 October 2019
Together successfully increases Lakeside securitisation to £500m
Together Financial Services Limited ("Together" or "the Group"), one of the UK's leading specialist mortgage and loan providers, is pleased to announce that it has successfully increased its revolving Lakeside Asset Backed Securitisation 1 Limited ("Lakeside") facility, from £255m to £500m. In addition to the increase in senior commitments, the refinancing extends the maturity to October 2023, and delivers an improvement in commercial terms including a significant margin reduction reflecting the performance of the assets supported by the facility.
Commenting on the transaction, Gary Beckett, Group Managing Director and Chief Treasury Officer of Together, said: "The successful refinancing of our Lakeside securitisation provides a further £245m of liquidity to support our bridging lending and extends the facility to 2023. We are delighted to welcome a further two banks, while also achieving a significant improvement in terms, reflecting the robust performance of the assets supported by the Lakeside facility."
The Lakeside securitisation was originally launched as a £255m facility in 2015, primarily to fund the origination of unregulated residential and commercial bridging loans. It was successfully refinanced in January 2018 on improved commercial terms. This new extension in maturity to 2023, along with the completion of the TABS 3 residential mortgage backed securitisation ("RMBS") issuance earlier this month, provides substantial additional depth to the Group's funding profile, increasing the weighted average maturity from 3.1 years to 3.3 years on amounts currently drawn, and up to 3.9 years on a fully drawn basis.
Following the issuance of TABS 3, its third RMBS, earlier this month, the Group now has in place three public securitisations, four private revolving securitisation facilities, two series of senior secured notes, and a revolving credit facility. During the last 18 months, Together has successfully raised or refinanced more than £3.4bn of debt facilities to support the Group's lending activities, reducing the margins, improving the terms and extending the maturity of each facility in the funding structure.
For further information:
|Together Financial Services|
|Mike Davies, Director of Corporate Affairs||07753 138 185|
Established in 1974, Together has been bringing common sense to the UK specialist lending market for over 45 years. Our expertise in lending means we can look beyond mainstream lending criteria to take an individual view of customers' needs and treat each application on its own merits.
We offer a wide range of specifically designed products, including short-term finance, auction finance, residential, buy-to-let and commercial mortgages and secured loans through our established distribution network.
In 2019, we placed 52nd in the Sunday Times Top 100 Best Companies to Work for and were also named in the Sunday Times Top Track 250 for the fourth time, placing 111th in the league table for growth and 4th for profitability. Together is the trading name of Together Financial Services Limited, which has its registered office address at Lake View, Lakeside, Cheadle, Cheshire SK8 3GW.
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