The facility finances primarily unregulated and regulated bridging loans
Non-bank mortgage lender Together has successfully increased its revolving Lakeside securitisation program (LABS) from £700 million to £825 million.
The LABS facility finances primarily unregulated and regulated bridging loans originated by the Together Financial Services Group and was first launched in 2015 as a £255 million revolving securitisation facility. The facility was increased to £500 million in 2019 and to £700 million in 2022.
Over the past 12 months, Together said it has raised or refinanced over £2.4 billion of facilities across six transactions, including private and public securitisations, as the lender continues to diversify and extend its funding profile to support its growth ambitions.
💼 We’ve successfully upsized our Lakeside securitisation programme (“LABS”) from £700m to £825m.
— Together (@Together_Money) June 5, 2023
✍️ Over the past 12 months, we have raised or refinanced over £2.4bn of facilities across six transactions, including private and public securitisations, as we continue to diversify… pic.twitter.com/YhuJcfsJ8b
Together recently announced its results for the quarter to March 31, 2023, showing a 29.1% increase in the group’s loan book to £6.2 billion when compared to Q3 2022, and underlying profit before tax for the quarter of £41.3 million.
“The successful upsizing of our LABS securitisation is a testament to the continued strength of Together’s business and, in particular, the strong performance of our regulated and unregulated bridging products,” Gary Beckett, group managing director and chief treasury officer of Together, said, commenting on the transaction.
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