Major bank invests £100m in bridging lender
By Tom BelgerTogether has announced the upsizing of its Charles Street securitisation programme by £325m, bringing the total facility to £1bn
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Together has announced the upsizing of its Charles Street securitisation programme by £325m, bringing the total facility to £1bn.
The Charles Street investment grade programme has been in place since 2007, and is supported by RBS, Lloyds Bank, Natixis and HSBC with Barclays also joining the programme and committing £100m in the new transaction.
Gary Beckett, Chief Finance Officer at Together, said the securitisation marked a major milestone and would allow the specialist finance provider to meet the increasing demand for finance across its markets.
“Along with enhanced terms and an extension of maturity by an additional two years to 2021, the revolving programme provides a long-term flexible facility to support our strategic growth plans,” said Gary.
“In addition to our continued diversification of funding, we continue our substantial investment in strengthening our leadership team, developing our IT infrastructure and extending our distribution channels, together creating a solid platform for profitable and sustainable growth.”
In the 12 months to December 2015, Together’s annual new lending stood at £878m, including short-term finance, which increased by 65%.
The Charles Street securitisation programme, rated Aa2 by Moody’s, sits alongside Together’s £225m Lakeside securitisation, which was introduced last year.
Keywords: Bridging Finance, Commercial Finance, Bridging Lender, Commercial Lender, Alternative Finance, Broker news, Bridging loans, Together, Securitisation, Barclays, RBS, Lloyds