Together increases lending flexibility
Cheadle-based mortgage and specialist loan provider, Together Financial Services, has increased its Delta Asset Backed Securitisation 2 Ltd facility (DABS), from £200m to £400m.
It says the move will provider greater lending flexibility.
The maturity of DABS, which supports the group’s unregulated bridging lending, has also been extended to December 2025, with improved commercial terms reflecting the continued strong performance of the assets which support the facility.
Together also announced that its funding partners have been increased from one to three.
Gerald Grimes, group CEO designate of Together, said the move will “help increasing numbers of customers realise their ambitions”.
Gary Beckett, group managing director and chief treasury officer at Together, said: “The DABS facility forms an integral part of our diverse funding platform, with the refinancing adding further liquidity and depth of maturity to our structure.
“In the last 12 months Together has raised or refinanced over £2.3bn across eight transactions demonstrating the continued strong support from our funding partners as we continue to successfully grow the business.”
DABS was originally launched as a £90m facility in 2017 before being refinanced and upsized to £200m in 2019.
The current £400m refinancing, which sees two additional funding partners added to the facility, provides greater lending flexibility.
Together said it has a diverse and mature funding structure encompassing six public securitisations, five private securitisation facilities, two series of senior secured notes and a revolving credit facility.
In November last year Together announced it had grown its loan book to £4.2bn following another strong performance.
The group reported its loan book was up 5.7% for the quarter to the end of September.
This was largely down to average monthly lending rising by 21.9% on the previous quarter to £179m, with originations in September rising above pre-pandemic levels to £202m.
During the quarter, the group said its underlying pre-tax profits were up 14.5% to £38.8m when compared with £33.9m Q4.
