Together launches £467m Fairway Asset Backed Securitisation

Cheadle-based specialist lender, Together Financial Services has launched a new £467.4m Fairway Asset Backed Securitisation (FABS) facility.

The inaugural warehouse facility is for first charge owner occupied and buy-to-let loans secured against residential property in England, Scotland and Wales

It is closely aligned to the group’s residential mortgage backed securitisation (RMBS) programme, providing additional funds to support property investors and home owners, and has a maturity until 2026.

Gerald Grimes, group CEO designate of Together, said: “We are excited to announce the successful launch of our FABS securitisation warehouse.

“This new facility will provide additional funding to help our residential owner occupier and buy-to-let customers realise their ambitions in the current challenging economic environment.”

Gary Beckett, group managing director and chief treasury officer of Together, said: “The launch of our FABS facility provides further depth to our funding profile and continues to underline the strength and resilience of Together’s business model.

“As part of this facility, we are pleased to welcome a new funding partner to the group and I would like to thank all of our banks and investors for their continued support.”

Over the past 12 months, Together has raised or refinanced around £4.3bn of facilities across nine transactions, including private and public securitisations as it continues to diversify and extend its funding profile to support growth ambitions.

Together recently announced its results for the quarter to September 30, 2022, showing loan book growth to £5.7bn, average monthly originations to £289.7m and underlying profit before tax for the quarter of £34.7m.

In October, credit rating agency S&P upgraded Together and the group’s Senior Secured Notes to ‘BB’, previously ‘BB-’.