Together Financial Services has announced that it has successfully increased its revolving Lakeside securitisation programme (LABS) from £700m to £825m.
The LABS facility finances primarily unregulated and regulated bridging loans originated by the group and was first launched in 2015 as a £255m revolving securitisation facility. The facility was increased to £500m in 2019 and then to £700m in 2022.
Over the past year, Together has raised or refinanced more than £2.4bn of facilities across six transactions, including private and public securitisations, as the firm continues to diversify and extend its funding profile to support its growth ambitions.
Together recently announced its results for the first quarter of 2023, reporting a 29.1% increase in the group’s loan book – compared with Q3 2022 – to £6.2bn, as well as an underlying profit before tax for the quarter of £41.3m.
Group managing director and chief treasury officer of Together, Gary Beckett, commented: “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.”
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