Together increases Lakeside securitisation to £500m
By Sam MonkTogether has increased its revolving Lakeside Asset Backed Securitisation 1 Limited facility by £245m to a total of £500m
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The refinancing by the specialist lender extends the maturity to October 2023 and delivers an improvement in commercial terms, including a margin reduction reflecting the performance of the assets supported by the facility.
Together initially launched the Lakeside securitisation in 2015 as a £255m facility with a primary focus of funding the origination of unregulated residential and commercial bridging loans.
“The successful refinancing of our Lakeside securitisation provides a further £245m of liquidity to support our bridging lending and extends the facility to 2023,” said Gary Beckett, group managing director and chief treasury officer at Together.
“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.”
Keywords: securitisation, bridging and commercial, bridging finance, short term finance, lending market, lending sector, Together Financial Services, Together, specialist lender, specialist lenders, specialist lending sector, securitisation increase