RCS - Together Fin. Svc. - Together prices fifth commercial real estate MBS

BNP Paribas SAAnnouncement

14/03/2025 08:15

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RNS Number : 6458A  Together Financial Services Limited  14 March 2025

Together Fin. Svc.

Together successfully prices fifth commercial real estate MBS

Together Financial Services Limited

14 March 2025

NOT FOR PUBLICATION, DISTRIBUTION OR CIRCULATION IN

UNITED STATES

Together successfully prices fifth commercial real estate MBS

14 March 2025

·    £522.2m small balance commercial real estate MBS

·    1.27% weighted average cost of placed notes at a 95% Advance Rate

·    81.80% of issued notes expected to be rated AAA(sf) by S&P and
AAA(sf) by DBRS

Together Financial Services Limited ("Together" or the "Group"), one of the
UK's leading non-bank relationship lenders, is pleased to announce the
successful pricing of its fifth public small balance commercial real estate
mortgage-backed securitisation ("CRE MBS"), Together Asset Backed
Securitisation 2025 - CRE1 plc ("CRE5").

CRE5 is supported by a portfolio of first and second charge mortgages (97.9%
first charge) secured against small value commercial, residential and
mixed-use properties located in England, Wales and Scotland, with 33.5% of the
underlying borrowers being self-employed. CRE5 complements the Group's
existing 12 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,
commented: "We are delighted to announce the successful pricing of our latest
small balance commercial real estate MBS, the £522.2 million, CRE5, which
will further increase our support for UK SMEs. Issuing two public MBS
transaction and two private transactions in the space of two months Together
will have raised or refinanced £2.4bn since the start of the calendar year,
highlighting the quality of our loan book and the ongoing support from our
investors."

Citibank acted as Arranger and Barclays, BNP Paribas, Citibank and Lloyds
acted as Joint Lead Managers.

 

For further enquires please contact:

Together

 Mike Davies, Director of Corporate Affairs  + 44 7753 138185

                                             mike.davies@togethermoney.com
 Abena Affum, Corporate Affairs Manager      +44 7542 862956

                                             abena.affum@togethermoney.com
 Camarco (Financial PR)

 Ben Woodford

                                             +44 2037818333

                                             ben.woodford@camarco.co.uk (mailto:ben.woodford@camarco.co.uk)

 Eddie Livingstone-Learmonth

                                             +44 2037574993

                                             Edward.Livingstone-Learmonth@camarco.co.uk
                                             (mailto:Edward.Livingstone-Learmonth@camarco.co.uk)

Further information about CRE5

CRE5 is a special purpose securitisation vehicle which will acquire the
beneficial ownership to a portfolio of mortgage loans secured against
commercial, semi-commercial and residential properties in England, Wales and
Scotland on the closing date. The notes issued by CRE5 will mature on the
interest payment date falling in January 2057, with the optional redemption
date on the interest payment date falling in April 2029, after which the
margin on the rated notes (other than the class X note) issued by CRE5 is set
to increase. The mortgage loans will be sold to CRE5 by Together Commercial
Finance Limited. The outstanding principal balance of the mortgage loans sold
to CRE5 is £522.2 million.

About Together

One of the UK's leading non-bank relationship lenders, Together has been
making finance work to help our customers realise their ambitions for over 50
years.

A strong, diverse and financially inclusive lender, we support a wide range of
underserved customers including the self-employed, those with more complex
incomes, in later life or with thin or impaired credit, landlords and SME and
business customers. We offer our customers a wide range of flexible lending
products including short term finance, auction finance, residential,
buy-to-let and commercial mortgages, secured loans and development finance.

Our expertise in lending means we can look beyond mainstream lending criteria
to consider individual circumstances and treat each application on its own
merits to help our customers solve problems and realise opportunities.

Together is the trading name of Together Financial Services Limited, which has
its registered office address at Lake View, Lakeside, Cheadle, Cheshire SK8
3GW.

Ends

 

This announcement may include projections and other "forward-looking"
statements within the meaning of applicable securities laws. Any such
projections or statements reflect the current views of any of the transaction
parties about future events and financial performance. The use of any of the
words "expect," "anticipate," "continue," "will," "project," "should,"
"believe," "plans," "intends" and similar expressions are intended to identify
forward-looking information or statements. Although Together believes that the
expectations and assumptions on which such forward-looking statements and
information are reasonable, undue reliance should not be placed on the
forward-looking statements and information because Together can give no
assurance that such statements and information will prove to be correct. Since
forward-looking statements and information address future events and
conditions, by their very nature they involve inherent risks and
uncertainties.

The forward-looking statements and information contained in this announcement
are made as of the date hereof and Together undertakes no obligation to update
publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so required by
applicable securities laws.

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