Record monthly lending for Together after lockdown

Gerald Grimes
X The Business Desk

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Specialist lender Together has announced record monthly lending since the start of the first UK lockdown.

The Greater Manchester finance group, which provides commercial and personal finance, recorded £190.3m in originations in June, with average monthly lending up 17.1% in in the three months to June compared to the previous quarter.

Its commercial finance division also had the largest ever monthly figure in Together’s 47-year history providing nearly 700 loans with a value of £159.6m in June – including £93.78m in short-term lending and £44.3m in buy-to-let mortgages.

Meanwhile, it also increased the “diversity and maturity” of its funding structure, adding £345m of facilities to its funding structure since March 31, putting Together in a “strong position” to support even more mortgage borrowers and businesses, a spokesman said.

In June, Together issued its second small balance commercial real estate mortgage backed securitisation of £249m just three months after completed the first transaction of this kind since the global financial crisis in 2008.

This month, it has also issued another securitisation of £96.2m – known as ‘Brooks ABS1’ – it sixth successful funding transaction since the start of the pandemic.

Gerald Grimes, group CEO designate at Together, said: “With demand for specialist lending products expected to grow strongly, Together is well placed to help increasing numbers of customers to realise their ambitions and to support the UK economy in bouncing back from the pandemic.”

The Cheadle-based group said with “robust” levels of capital and liquidity, Together is “well placed to help increasing numbers of customers to realise their ambitions.”