Together Financial Services has upsized its revolving Lakeside securitisation programme (LABS) from £825m to £1bn.

LABS, which primarily supports the group’s unregulated and regulated bridging lending, was first launched in 2015 as a £255m revolving securitisation facility.

The facility has since increased to £500m in 2019, £700m in 2022 and further increased to £825m in 2023.

OTHER CHANGES

In addition, the maturity of the programme has been extended to November 2028, with improved commercial terms improved.

Meanwhile, a new bank has been added into the facility.

This calendar year, Together has raised or refinanced over £3.3bn of facilities across seven transactions.

“The refinance adds further liquidity and depth of maturity to our funding structure”

Gary Beckett, group managing director and chief treasury officer of Together, said: “The completion of yet another successful upsizing of our LABS securitisation, on improved commercial terms, reflects the continued strength of Together’s business and the long term support of our funding partners.

“The refinance adds further liquidity and depth of maturity to our funding structure as Together continues to help increasing numbers of customers to realise their property ambitions.”