Together Financial prices £425m securitisation deal

Cheadle, Cheshire-based Together Financial Services Limited, a specialist mortgage and secured loans provider, has announced the pricing of its £425.5 million first charge only residential mortgage backed securitisation (RMBS) called TABS8.

Together Financial said the deal is its eighth successful RMBS since 2017 and its 11th mortgage backed securitisation overall.

“Placed notes priced at a weighted average cost of 1.65% with an advance rate of 93.8%,” said Together Financial

“86.0% of issued notes expected to be rated AAA(sf) by Fitch and AAA(sf) by S&P.”

Gerald Grimes, Group CEO Designate of Together, said: “We are delighted to announce the pricing of our TABS8 residential mortgage backed securitisation which will further support our residential owner occupier and buy-to-let customers in realising their property ambitions.”

Gary Beckett, Group Managing Director and Chief Treasury Officer at Together, said: “TABS8 is our eighth RMBS and our eleventh public securitisation overall since 2017, underlining the quality of our loan book and the ongoing strong support from our funding partners.”

Over the past 12 months, Together said it has raised or refinanced over £1.6 billion of facilities across four transactions

“TABS8 is supported by a portfolio of 1st charge owner-occupied and buy-to-let residential mortgages, secured against properties in England, Wales and Scotland, and refinances assets forming part of the Group’s AA rated £1.25 billion Charles Street facility (CABS) and the group’s senior secured notes,” said Together.

“The new facility complements the group’s existing five public residential and three commercial real estate MBS, six private securitisation facilities, senior secured notes and banking syndicate facility (RCF).”

BNPP acted as Arranger and Joint Lead Manager accompanied by Barclays and Natixis as Joint Lead Managers.