Together launches £525m CRE warehouse facility.

Together Financial Services Limited

04 July 2018

Together Financial Services Limited

Together successfully launches £525 million CRE warehouse facility

Together Financial Services Limited ("Together" or "the Group"), one of the UK's leading specialist mortgage lenders, is pleased to announce the successful launch of a new £525m warehouse facility for its small balance commercial real estate ("CRE") loan portfolio. This £525m facility will support the Group's growth strategy for this product and provide further flexibility and diversity to the funding structure.

Highfield Asset Backed Securitisation 1 Limited ("HABS") has a 4 year term (with a 3 year revolving period) and provides an efficient funding solution for the small balance CRE loan portfolio. This transaction follows the Group's successful refinancing of its £255 million Lakeside Asset Backed Securitisation ("LABS") programme, extending its maturity to 2021 on improved commercial terms, and a £150m bond tap, both announced in January.

Together has traded profitably through every economic cycle since it was founded over 44 years ago and at 31 March has over 700 employees and a loan book in excess of £2.78bn. In the quarter to 31 March, the Group reached record quarterly lending volumes of £422m with new originations remaining at a very conservative loan to value of just 58.8%.

Commenting on the transaction, Gary Beckett, Group Managing Director and Chief Treasury Officer of Together, said: "We are delighted to announce the successful launch of our inaugural warehouse facility for commercial real estate, HABS, which will be used to support growth in our lending to small and medium sized businesses and commercial portfolio investors. The £525m facility adds further depth and diversity to our funding structure and clearly demonstrates continued confidence in Together as we look to continue to deliver on our ambitious growth strategy."

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About Together

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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