Together has announced a successful increase of its revolving Lakeside securitisation programme (“LABS”) from £700m to £825m.
Launched in 2015 as a £255m revolving securitisation facility, the LABS facility primarily finances unregulated and regulated bridging loans originated by the Group. This facility was previously upsized to £500m in 2019 and to £700m in 2022.
In the past year, Together has raised or refinanced over £2.4bn of facilities through six transactions, including both private and public securitisations. This continues the Group’s efforts to diversify and extend its funding profile in order to support its growth ambitions.
The lender recently reported its results for the quarter ending 31 March 2023, revealing a 29.1% increase in the Group’s loan book (compared with Q3 2022) to £6.2bn and an underlying profit before tax for the quarter of £41.3m.
Gary Beckett, group managing director and chief treasury officer of Together, spoke on the successful transaction, saying: “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.”
