Together increases Lakeside securitisation
Together Financial Services has successfully increased its revolving Lakeside asset backed securitisation facility from £255m to £500m.
The refinancing extends the maturity to October 2023.
Gary Beckett, group managing director and chief treasury officer of Together, said: “The successful refinancing of our Lakeside securitisation 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.