RCS - Together Fin. Svc. - Together refinances LABS Securitisation

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13/04/2022 08:15

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RNS Number : 1888I  Together Financial Services Limited  13 April 2022

Together Fin. Svc.

Together successfully refinances LABS securitisation

 

Together Financial Services Limited

13 April 2022

Together Financial Services Limited

Together successfully refinances LABS Securitisation

Together Financial Services Limited ("Together" or "the Group"), one of the
UK's leading specialist mortgage lenders, is pleased to announce that it has
successfully refinanced its revolving Lakeside securitisation programme
("LABS").  The refinancing improves commercial terms, extends the maturity
from October 2023 to April 2026 and upsizes the facility from £500m to £700m
with the addition of a new funding partner to the facility and the Group.

The LABS facility finances primarily unregulated and regulated bridging loans
originated by the Group and was first launched in 2015 as a £255m revolving
securitisation facility. In 2019, the facility was increased to £500m on
improved terms with additional funding partners supporting the facility.

The extension in maturity of the LABS facility to April 2026 provides
substantial depth to the Group's funding profile, increasing the weighted
average maturity to 4.0 years on amounts currently drawn and on a fully drawn
basis. In addition, a reduction in all-in margin is reflective of the strong
performance of the assets supported by the LABS facility. The upsizing of the
facility to £700m, with all incumbent funding partners increasing their
commitments as well as the introduction of a new funding partner to the
facility, is indicative of the strong support for the Group and its growth
ambitions.

Over the past 16 months, Together has raised or refinanced over £4.7bn of
facilities across 11 transactions, including senior secured note issuances and
private and public securitisations, as we continue to diversify and extend our
funding profile to support our growth ambitions. Together recently announced
its results for the quarter to 31 December 2021, showing an 11.7% growth in
average monthly originations to £199.9m from the prior quarter, bringing its
loan book to a new high of £4.4bn and underlying profit before tax for the
quarter of £43.0m.

Commenting on the transaction, Gary Beckett, Group Managing Director and Chief
Treasury Officer of Together, said: "The successful refinancing of our LABS
securitisation on improved terms along with a significant upsize in the
facility is a testament to the continued strength of Together's business and,
in particular, the strong performance of our regulated and unregulated
bridging products."

 

 

 

For further enquires please contact:

 Together
 Mike Davies, Director of Corporate Affairs  + 44 7753 138185

                                             mike.davies@togethermoney.com (mailto:mike.davies@togethermoney.com)

 Abena Affum, Corporate Affairs Manager      +44 7542 862956
                                             abena.affum@togethermoney.com (mailto:abena.affum@togethermoney.com)

 Camarco (Financial PR)

 Ben Woodford

                                             +44 2037818333

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

 Eddie Livingston-Learmouth

                                             +44 2037574993

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

 

About Together

Established in 1974, Together has been bringing common sense to the UK
specialist lending market for nearly 50 years. Our expertise in lending means
we can look beyond mainstream lending criteria to take an individual view of
customers' needs and treat each application on its own merits.

We offer a wide range of specifically designed products, including short-term
finance, auction finance, residential, buy-to-let and commercial mortgages and
secured loans through our established distribution network.

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

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