Finance firm raises £249m in latest securitisation scheme

Marc Goldberg
X The Business Desk

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Together, the Cheadle-based specialist mortgage and secured loans provider, has successfully completed its second public small balance commercial real estate mortgage backed securitisation, CRE2.

The £249m facility provides additional funding as Together extends its support to UK businesses.

It follows the completion of the group’s £200m CRE1 facility in March, which was the first securitisation of its type in the UK in more than a decade.

CRE2 is secured against a portfolio of commercial term loans to owner managed businesses, self-employed, SMEs, partnerships and limited companies with varying combinations of commercial, residential and mixed-use properties.

The new facility sits alongside Together’s existing securitisation programme with five public mortgage-backed securitisations and four private securitisations, in addition to the group’s senior secured notes (bonds) and revolving credit facility.

Marc Goldberg, commercial CEO at Together, said: “We think that the commercial property market is under-served and our latest securitisation presents a great opportunity for investors and for Together to grow our business.

“It follows our £200m small balance commercial real estate backed securitisation in March, and provides further support for businesses who will play a crucial role in the UK’s recovery from the challenges of the coronavirus pandemic.”

Overall, Together has now raised or refinanced £1.4bn in five transactions since the start of the COVID-19 pandemic, putting the group in a strong position to support increasing numbers of customers and to play its part in supporting the UK’s economic recovery.