Together Financial Services has separated and upsized its £1.25bn Charles Street securitisation programme (CABS) into two revolving warehouse facilities totalling £1.59bn.
£1,200m Kingsway Asset Backed Securitisation will support first charge RMBS issuances, while £387m Wilmslow Asset Backed Securitisation will support second charge RMBS issuances.
Meanwhile, commercial terms have improved and maturities extended to December 2029.
Together says the separation of CABS, which supports residential owner occupier and buy-to-let loans, further simplifies and more closely aligns the group’s funding structure with its residential mortgage-backed securitisation issuance programme.
CABS was first launched in 2007 as a £500m revolving securitisation facility. In 2014, the facility was increased to £675m, before being further extended to £1bn in 2016 and £1.25bn in 2018.
Gary Beckett, group managing director and chief treasury officer of Together, said: “We are delighted to announce the separation of our CABS securitisation into two more efficient bespoke revolving warehouse facilities to support our highly successful first and second charge RMBS issuance programmes.
“The separation of the facility on improved terms reflects the continued strength of our business and the long-term support of our funding partners.”
During calendar year 2024, Together raised or refinanced over £3.3bn of facilities across seven transactions. The Group recently announced its results for the quarter to 30 September 2024, showing average monthly originations of £269.3m, bringing its loan book to a new high of £7.6bn and underlying profit before tax for the quarter of £53.7m.
