It is the lender's third RMBS transaction this year
Property lender Together Financial Services has announced that it has successfully priced a £445 million residential mortgage-backed securitisation (RMBS).
The deal, known as Together Asset Backed Securitisation 2024 – 1ST2 PLC (TABS12), is the lender’s third RMBS transaction this year.
The RMBS is backed by first-charge owner-occupied and buy-to-let loans secured against residential properties in England, Scotland, and Wales. The portfolio refinances assets from Together’s £1.25 billion Charles Street facility and senior secured notes.
Key details of the transaction include a weighted average cost of placed notes of 1.08%, a 95% advance rate, and 89.5% of the issued notes expected to receive AAA(sf) ratings from S&P and Fitch.
Lloyds acted as arranger and joint lead manager for the transaction, alongside Natixis and Santander as joint lead managers.
“We are delighted to announce the successful pricing of our third RMBS this year as we continue to support more residential owner occupier and buy-to-let customers in realising their ambitions,” said Mike McTighe (pictured), chairman of Together.
Gary Beckett, group managing director and chief treasury officer at Together, noted that the firm had raised or refinanced over £2.2 billion across six transactions this year.
“As we continue to strengthen and diversify our funding, this highlights the strength of our business model, quality of our loan book and strong ongoing support from our investors,” Beckett said.
In January and April, the non-bank lender announced the successful pricing of its £302 million and £378 million residential mortgage backed securitisation – its first and second for the year, respectively.
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