Together completes commercial real estate MBS pricing

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Together Financial Services has announced the successful pricing of its fourth public small balance commercial real estate mortgage backed securitisation (CRE MBS), Together Asset Backed Securitisation 2023 – CRE1 plc (CRE4).

CRE4 is supported by a portfolio of first and second charge mortgages (97.8% first charge) secured against small value commercial, residential and mixed use properties located in England, Wales and Scotland, with 31.3% of the underlying borrowers being self-employed. CRE4 complements the Group’s existing nine public mortgage backed securitisations, six private securitisations, senior secured notes and revolving credit facility.

Citibank and Standard Chartered acted as Co-Arrangers and Joint Lead Managers.

Gerald Grimes (pictured), group CEO designate of Together, said: “We are delighted to announce the successful pricing of our fourth small balance commercial real estate MBS. The £380.4 million CRE4 facility provides additional headroom as we further increase our support for UK SMEs and continue to shape our business for an exciting future.”

Gary Beckett, group managing director and chief treasury officer at Together, added: “Since January 2023, we have successfully added over £1.4bn in funding to support our growth ambitions, highlighting the strength of our business model, quality of our loan book and strong ongoing support from our investors.”

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