Together agrees £90m funding for bridging deals

Specialist finance provider Together, based in Cheadle, Greater Manchester, has agreed a new structured credit facility of £90m to fund its bridging finance activity.

The programme is supported by Goldman Sachs Private Capital and will run until January 2021, with the underlying loans drawn from across Together’s portfolio.
 
Together’s commercial chief executive Marc Goldberg said: “We have a clear strategy set out for the next five years and this additional funding will enable us to further increase our bridging finance lending.

“We’ve seen strong demand from businesses and investors in this area, and lent a total of £572.3m of bridging finance in the 12 months to September 30, 2016. Meanwhile, across the group, annual lending topped £1 billion for the first time in our 42 year history.”

Gary Beckett, group CFO of Together, added: “The successful introduction of the Delta facility demonstrates Together’s strong financial position, our robust business model and the continued demand for our products.

“It will support our growth plans and sit alongside our existing funding channels which include the £1bn Charles Street securitisation programme, the £255m Lakeside securitisation programme and our recent £375m capital markets bond issuance.”
 
EY acted as financial advisor and arranger to Together.