Together doubles securitization deal to £ 400million


Together has doubled the size of a long-standing securitization deal to £ 400million, which will support the specialist credit firm’s unregulated bridging loans.

The Cheadle-based company said it has increased the size of its Delta Asset Backed Securitization 2 limited facility (DABS) which has sold to investors from £ 200million to £ 400million.

He adds that the package has also been extended through December 2025 “with improved business conditions reflecting the continued strong performance of the assets that support the facility.”

The DABS program was initially launched as a £ 90million facility in 2017 before being refinanced and increased to £ 200million in 2019.

The lender says the current £ 400million refinancing, which includes the addition of two additional financial partners to the facility, “provides greater lending flexibility”.

The company claims to have a diversified funding structure that includes six public securitizations, five private securitization facilities, two series of senior secured notes and a revolving credit facility.

In the past 12 months he has raised or refinanced more than £ 2.3bn in eight deals.

Gerald Grimes, Managing Director of Together Group, said: “We are delighted to announce the successful refinancing and expansion of our unregulated bridging loan facility as we continue to shape our business to help a growing number of clients. achieve their ambitions ”.

Together Group Managing Director and Treasury Director Gary Beckett adds, “The DABS facility is an integral part of our diversified funding platform, with refinancing adding additional liquidity and depth of maturity to our structure.

“Over the past twelve months, Together has raised or refinanced over £ 2.3 billion in eight transactions, demonstrating the strong and continued support of our financial partners as we continue to successfully grow the business. “

Last month, the company increased the maximum loan size on its unregulated bridges and lease buy lines.

It has raised the maximum amount of its bridging proceeds from £ 2million to £ 5million “as it seeks to further develop its loan portfolio after the pandemic”.

The company added that the maximum loan amount for its first lease purchase products had been increased from £ 2million to £ 2.5million and from £ 500,000 to £ 1million for its second charge BTL loans.

Previous Blog: Abandon inherited mentalities and welcome innovation
Next Launch of the lease extension service financed by the release of equity