Lender attributes success to robust sales channels
Non-bank lender Together Financial Services has achieved record lending volumes in October, reaching £319.5 million across 1,665 transactions.
This figure included nearly £30 million in auction finance, marking the lender’s highest-ever monthly total in that segment.
Chris Baguley (pictured), Together’s group channel development director, attributed the strong lending performance to robust sales channels and the commitment of the company’s employees.
“We’ve helped people across the board from family homebuyers and social housing providers to landlords, investors and large corporate developers achieve their property ambitions during what has been an uncertain time for individuals and businesses,” Baguley said.
“The reason we’ve been able to do this is because of the hard work and dedication of our colleagues, allowing us to deliver incredible outcomes for our customers and the UK economy.”
Together’s growth aligns with predictions in its latest Residential Property Market Report, which forecasts a 70% increase in the specialist residential mortgage market to £54 billion by 2029. The report indicates that inflation and the cost-of-living crisis may drive more borrowers toward specialist lenders.
The lender has also expanded its Lakeside Asset-Backed Securitisation (LABS) programme to £1 billion. The LABS programme, which supports Together’s regulated and unregulated bridging lending, was initially launched in 2015 with a £255 million capacity. It has grown significantly over the years, reaching £500 million in 2019, £700 million in 2022, and £825 million in 2023.
“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,” said Gary Beckett, group managing director and chief treasury officer of Together.
“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.”
Together’s funding structure currently includes 12 public and six private securitisation facilities, alongside two series of senior secured notes and a revolving credit facility. This year, the company has raised or refinanced over £3.3 billion across seven transactions, including a £445 million residential mortgage-backed securitisation in September.
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