Together Financial Services, the Cheadle-based specialist and mortgage lending provider, has announced the price of its second inaugural mortgage-backed securitization (RMBS) charge and Buy to Let, the £349 million asset-backed securitization sterling 2022 – 2ND1 PLC RMBS.
This is the sixth successful issuance under the RMBS “TABS” program since 2017, and the eighth mortgage-backed securitization facility.
The group said this latest issue of its public mortgage-backed securitization program is exciting as it provides it with significant additional leeway to increase its owner-occupied residential lending and buy-to-let while continuing to support ambitions. future growth of the group.
Gerald Grimes, Together Group CEO Designate, said: “TABS 2ND1 is another exciting show for Together and will provide significant additional headroom to grow our residential lending as we continue to shape our business for an exciting future.
Gary Beckett, Group Chief Executive and Head of Treasury of Together, said: “This is our fourth funding transaction since January and our eighth public MBS since 2017, underscoring the quality of our loan portfolio and the continued support for Together’s growth story.
“TABS 2ND1 will deepen our funding profile and raise additional cash to support the group’s future growth ambitions.”
Over the past 17 months, Together has raised or refinanced over £5bn of facilities through 12 transactions, including senior secured note issuances and private and public securitisations, while continuing to diversify and expand its funding profile to support its growth ambitions.
TABS 2ND1 is backed by a portfolio of residential owner-occupied and rental mortgages, secured by properties in England, Wales and Scotland, and refinances assets forming part of the group’s AA-rated facility of 1 .25 billion pounds on Charles Street.
TABS 2ND1 complements the group’s five existing public residential MBS transactions and two commercial real estate transactions, five private securitization facilities, senior secured notes and a bank syndicate facility.
Lloyds, BNPP and Citibank acted as co-lead managers with Natixis as co-lead managers on TABS 2ND1.