Specialist property lender increases support facility from £400m to £600m

Specialist property lender, Together Financial Services, has successfully completed the upsizing of its Delta Asset Backed Securitisation 2 Limited facility (DABS) from £400m to £600m.

The maturity of DABS has also been extended to December 2028, with improved commercial terms reflecting the continued strength of the Cheadle-based Together business and long term support of its funding partners.

Together confirmed that all its existing funders have recommitted to the facility.

Gary Beckett, Group Managing Director and Chief Treasury Officer at Together, said: “We are delighted to announce the successful £200m upsizing of our DABS facility on improved terms.

“The refinancing of DABS, one of our two securitisation facilities that fund unregulated bridging loans, adds further liquidity and depth of maturity to our funding structure as we help increasing numbers of customers to realise their property ambitions.”

DABS, which supports the group’s unregulated bridging lending, was originally launched as a £90m facility in 2017 before being upsized to £200m in 2019 and further upsized to £400m in 2021.

Together has a diverse and mature funding structure encompassing 11 public securitisations, six private securitisation facilities, two series of senior secured notes and a revolving credit facility.

In the last 12 months the group has raised or refinanced more than £3.4bn across eight transactions demonstrating continued strong support from its funding partners, it said.

One of the most recent transactions announced by Together, earlier this month, was a £1.7m bridging loan, alongside Watts Commercial Finance, to enable luxury restaurant chain The Ivy to invest in a new Liverpool venue, situated in the city’s former Bank of England building on Castle Street.