The specialist lender has also extended its maturity from January 2021 to September 2023.

The refinancing has increased the AA-rated senior facility commitments from £1bn to £1.15bn and added a further £104.5m through two fully drawn tranches of mezzanine finance bringing the total facility size to £1.25bn.

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The refinancing further simplifies and aligns the group’s funding structure, with the CABS facility now solely financing loans secured against residential property and therefore more closely aligned to Together’s residential mortgage backed securitisation (“RMBS”) programme.

“We are delighted to announce the successful extension and expansion of our long-established CABS securitisation facility on significantly improved terms and with the addition of over £100m of rated mezzanine notes into the structure,” said Gary Beckett, group managing director and chief treasury officer at Together.

“Today’s refinancing further simplifies and aligns our funding structure, increasing the scale, diversity and maturity of our funding platform to support our continued growth strategy.”