Cheadle finance firm in further funding boost

Gerald Grimes

Together Financial Services, the Cheadle-based mortgage and specialist loan provider, has announced the pricing of its inaugural second charge only Owner Occupied and Buy to Let mortgage backed securitisation (RMBS), the £349m Together Asset Backed Securitisation 2022 – 2ND1 PLC RMBS.

It is the sixth successful issuance in the ‘TABS’ RMBS programme since 2017, and the eighth mortgage-backed securitisation facility overall.

The group said this latest issuance in its public mortgage-backed securitisation programme is exciting as it provides it with significant additional headroom to increase its owner-occupied and buy-to-let residential lending as it continues to support the group’s future growth ambitions.

Gerald Grimes, group CEO designate of Together, said: “TABS 2ND1 is another exciting issuance for Together and will provide significant additional headroom to increase our residential lending as we continue to shape our business for an exciting future.”

Gary Beckett, group managing director and chief treasury officer at Together, said: “This is our fourth funding transaction since January and our eighth public MBS since 2017, underlining the quality of our loan book and the continued support for the Together growth story.

“TABS 2ND1 will provide further depth to our funding profile and raise additional liquidity to support the group’s future growth ambitions.”

Over the past 17 months, Together has raised or refinanced more than £5bn of facilities across 12 transactions, including senior secured note issuances and private and public securitisations, as it continues to diversify and extend its funding profile to support its growth ambitions.

TABS 2ND1 is supported by a portfolio of second charge owner-occupied and buy-to-let residential mortgages, secured against properties in England, Wales and Scotland, and refinances assets forming part of the group’s AA rated £1.25bn Charles Street facility.

TABS 2ND1 complements the group’s existing five public residential and two commercial real estate MBS transactions, five private securitisation facilities, senior secured notes and banking syndicate facility.

Lloyds, BNPP and Citibank acted as joint lead arrangers accompanied by Natixis as joint lead managers on TABS 2ND1.