Cheadle, Chesire-based Together Financial Services Limited, a non-bank relationship lender, announced the launch of its new £467.4 million, Fairway Asset Backed Securitisation 1 Limited (FABS) facility.
Together said that over the past 12 months it has raised or refinanced around £4.3 billion of facilities across nine transactions, including private and public securitisations as it continues “to diversify and extend our funding profile” to support its growth ambitions.
“Inaugural £467.4 million warehouse facility for first charge owner occupied and buy-to-let loans secured against residential property in England, Scotland and Wales …” said Together in a stock exchange statement.
“Closely aligned to group’s residential mortgage backed securitisation (RMBS) programme, providing additional funds to support property investors and home owners …
“Facility matures in 2026 …”
Together CEO Designate Gerald Grimes said: “We are excited to announce the successful launch of our FABS securitisation warehouse.
“This new facility will provide additional funding to help our residential owner occupier and buy-to-let customers realise their ambitions in the current challenging economic environment.”
Together MD Gary Beckett said: “The launch of our FABS facility provides further depth to our funding profile and continues to underline the strength and resilience of Together’s business model.
“As part of this facility, we are pleased to welcome a new funding partner to the Group and I would like to thank all of our banks and investors for their continued support.”
Together said recently announced its results for the quarter to September 30, 2022, showing loan book growth to £5.7 billion, average monthly originations to £289.7 million and underlying profit before tax for the quarter of £34.7 million.
In October, credit rating agency S&P upgraded Together and the group’s senior secured notes to ‘BB’ (previously ‘BB-‘).