RCS - Together Fin. Svc. - Together successfully issues third CRE MBS

Max Financial ServicesAnnouncement

01/06/2022 08:15

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RNS Number : 4817N  Together Financial Services Limited  01 June 2022

Together Fin. Svc.

Together successfully issues third CRE MBS

 

Together Financial Services Limited

1 June 2022

NOT FOR PUBLICATION, DISTRIBUTION OR CIRCULATION IN

UNITED STATES

Together successfully issues third commercial real estate MBS

1 June 2022

·    £365.2 million notes placed

·    95% advance rate

Together Financial Services Limited ("Together" or the "Group"), one of the
UK's leading mortgage and specialist loan providers, is pleased to announce
the successful completion of its third public small balance commercial real
estate mortgage backed securitisation ("CRE MBS"). Together Asset Backed

Securitisation 2022 - CRE1 plc ("CRE3") has an advance rate of 95% and the
issued notes were rated by S&P and DBRS.

Gerald Grimes, Group CEO Designate of Together commented: "We are delighted to
announce the successful pricing of our third small balance commercial real
estate MBS. The £365 million CRE3 facility provides additional headroom as we
further increase our support for UK SMEs and continue to shape our business
for an exciting future."

CRE3 is supported by a portfolio of first and second charge mortgages (98.2%
first charge) secured against small value commercial, residential and mixed
use properties located in England, Wales and Scotland, with 38.5% of the
underlying borrowers being self-employed. CRE3 complements the Group's
existing seven public mortgage backed securitisations, five private
securitisations, senior secured notes and revolving credit facility.

Gary Beckett, Group Managing Director and Chief Treasury Officer at Together,
added: "This is our fifth funding transaction since January 2022, raising or
refinancing some £3.1bn, as we continue to add further strength and diversity
to our funding platform. We would like to thank our funding partners who
continue to show strong support for the Together growth story."

Together recently announced its results for the quarter to 31 March 2022,
showing a 17.4% growth in average monthly originations from the quarter to 31
December 2021 to £234.7 million, a closing loan book of £4.8 billion, and
achieving a quarterly underlying profit before tax of £41.3 million.

Citibank and Barclays acted as Joint Arrangers accompanied by HSBC and Natixis
as Joint Lead Managers

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

One of the UK's leading specialist lenders, Together has been making finance
work to help our customers realise their ambitions for nearly 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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