Specialist funder, Together, increases lending facility by an extra £200m
Cheadle-based specialist finance provider, Together Financial Services, has refinanced its Highfield Asset Backed Securitisation 1 (HABS) warehouse facility for the group’s small balance commercial real estate mortgage backed securitisation (MBS) programme.
The facility has been upsized by £200m, to £725m, its maturity has extended to December 2027, and a new bank has been added into the facility.
Gerald Grimes, Together group CEO designate, said: “We are delighted to announce the successful upsizing and extension of our HABS warehouse facility, as we continue to shape our business for the future and support the UK’s SMEs in realising their ambitions.”
Gary Beckett, group managing director and chief treasury officer at Together, said: “We have now raised or refinanced over £2bn of facilities during 2023, as we continue to deliver on our growth ambitions.
“We would like to thank our funding partners for their continued strong support for Together.”
The HABS warehouse facility was originally launched in 2018 to fund the origination of small balance commercial real estate (CRE) loans, primarily to support small and medium-sized businesses and commercial property investors in the UK.
This latest refinancing follows the successful issuance of the group’s fourth public CRE mortgage backed securitisation, CRE4, in November.
Together has an established diversified funding platform with depth of maturity comprising 10 public securitisations, six private securitisation facilities, two series of senior secured notes, and a revolving credit facility.
