Specialist Greater Manchester property lender completes £122m securitisation
Cheadle-based specialist property lender, Together Financial Services, has completed a £122m securitisation.
Its Brooks Asset Backed Securitisation 2 (BABS) sub-performing loans facility succeeds its current BABS facility first issued in 2021.
BABS2 is a tailored facility consisting of a £121.9m varied pool of certain residential and commercial purpose sub-performing loans previously funded within the Senior Borrower Group.
This group comprises Together Financial Services and its subsidiaries, excluding loans funded within its securitisation programme.
Consistent with the group’s wider securitisation programme, Together will continue to service and manage the loans within the new facility and will retain the customer relationships, which it says reflects its specialist expertise and its focus on ensuring the best outcomes for its customers.
BABS2 complements the group’s existing 13 public mortgage-backed securitisations, seven private securitisations, senior secured notes and revolving credit facility.
Gary Beckett, group managing director and chief treasury officer at Together, said: “BABS2 provides additional flexibility to our funding platform.
“Since the start of the calendar year, we have successfully raised or refinanced £2.5bn across five transactions, as we continue to broaden our funding and raise additional liquidity to support our growth ambitions.”
In January this year Together separated and upsized its £1.25bn Charles Street securitisation programme (CABS) into two revolving warehouse facilities totalling £1.59bn to support its well established RMBS (Residential Mortgage-Backed Security) programmes.
The facility was separated into two revolving warehouse facilities. The £1.2bn Kingsway Asset Backed Securitisation supports first charge RMBS issuances, while the £387m Wilmslow Asset Backed Securitisation supports second charge RMBS issuances.
And in November last year, the group upsized its revolving Lakeside securitisation programme (LABS) from £825m to £1bn.
Its maturity was also extended to November 2028, commercial terms improved and a new bank added into the facility.
LABS, which primarily supports the group’s unregulated and regulated bridging lending, was first launched in 2015 as a £255m revolving securitisation facility.
The facility has since increased to £500m in 2019, £700m in 2022, and further increased to £825m in 2023.
