Together Financial Services has launched a new £525m warehouse facility for its small balance commercial real estate (CRE) loan portfolio.
It says the £525m facility will support its growth strategy for this product and provide further flexibility and diversity to the funding structure.
Highfield Asset Backed Securitisation 1 Limited (HABS) has a four-year term (with a three year revolving period) and provides a funding solution for the small balance CRE loan portfolio.
This transaction follows the group’s refinancing of its £255 million Lakeside Asset Backed Securitisation (LABS) programme, extending its maturity to 2021 on improved commercial terms, and a £150m bond tap, both announced in January.
Gary Beckett, group managing director and chief treasury officer of Together, said: “We are delighted to announce the successful launch of our inaugural warehouse facility for commercial real estate, HABS, which will be used to support growth in our lending to small and medium sized businesses and commercial portfolio investors.
“The £525m facility adds further depth and diversity to our funding structure and clearly demonstrates continued confidence in Together as we look to continue to deliver on our ambitious growth strategy.”