Together increases Lakeside securitisation

This extends the maturity date to four years’ time.

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.