Together Financial Services has completed its new Brooks Asset Backed Securitisation 2 Limited (BABS2) sub-performing loans facility.

BABS2 will succeed Together’s current BABS facility, first issued in 2021.

BABS2 is a tailored facility consisting of a £121.9m varied pool of certain residential and commercial purpose sub-performing loans previously funded within the Senior Borrower Group 1.

Consistent with the Group’s wider securitisation programme, Together will continue to service and manage the loans within the new facility and will retain the customer relationships.

BABS2 complements the Group’s existing 13 public mortgage-backed securitisations, seven private securitisations, senior secured notes and revolving credit facility.

Gary Beckett, group managing director and chief treasury officer at Together, said: “We are delighted to announce the completion of BABS2, which provides additional flexibility to our funding platform.

“Since the start of the calendar year, we have successfully raised or refinanced £2.5bn across five transactions, as we continue to broaden our funding and raise additional liquidity to support our growth ambitions.”