Together Financial Services Limited has increased its revolving Lakeside Asset Backed Securitisation 1 Limited facility, from £255m to £500m.
In addition to the increase in senior commitments, the refinancing extends the maturity to October 2023, and delivers an improvement in commercial terms including a significant margin reduction reflecting the performance of the assets supported by the facility.
Gary Beckett, group managing director and chief treasury officer of Together, said: “The successful refinancing of our Lakesidesecuritisation provides a further £245m of liquidity to support our bridging lending and extends the facility to 2023. We are delighted to welcome a further two banks, while also achieving a significant improvement in terms, reflecting the robust performance of the assets supported by the Lakeside facility.”
The Lakeside securitisation was originally launched as a £255m facility in 2015, primarily to fund the origination of unregulated residential and commercial bridging loans. It was successfully refinanced in January 2018 on improved commercial terms. This new extension in maturity to 2023, along with the completion of the TABS 3 residential mortgage backed securitisation (“RMBS”) issuance earlier this month, provides substantial additional depth to the Group’s funding profile, increasing the weighted average maturity from 3.1 years to 3.3 years on amounts currently drawn, and up to 3.9 years on a fully drawn basis.
Following the issuance of TABS 3, its third RMBS, earlier this month, the Group now has in place three public securitisations, four private revolving securitisation facilities, two series of senior secured notes, and a revolving credit facility.
During the last 18 months, Together has successfully raised or refinanced more than £3.4bn of debt facilities to support the Group’s lending activities, reducing the margins, improving the terms and extending the maturity of each facility in the funding structure.