Restructure splits facility into two warehouses totalling £1.59 billion

Non-bank lender Together Financial Services has restructured and expanded its £1.25 billion Charles Street securitisation programme (CABS) into two revolving warehouse facilities totalling £1.59 billion.
The move is designed to bolster its established residential mortgage-backed securitisation (RMBS) programmes.
The new structure divides the CABS facility into two components: the £1.2 billion Kingsway Asset Backed Securitisation to support first-charge RMBS issuances, and the £387 million Wilmslow Asset Backed Securitisation, dedicated to second-charge RMBS issuances. The facilities have improved commercial terms and extended maturities, now set to expire in December 2029. Additionally, four new banks have been added to the facilities.
Originally launched in 2007 as a £500 million revolving securitisation facility, CABS has undergone several expansions over the years, growing to £675 million in 2014, £1 billion in 2016, and £1.25 billion in 2018. The latest restructure streamlines and aligns the group’s funding arrangements more closely with its RMBS issuance programme, which finances residential owner-occupier and buy-to-let mortgages.
“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,” said Gary Beckett, group managing director and chief treasury officer at Together. “The separation of the facility on improved terms reflects the continued strength of our business and the long-term support of our funding partners.”
Together has been active in raising funds throughout 2024, securing or refinancing over £3.3 billion across seven transactions during the year. The group recently reported robust financial results for the quarter ending September 30, 2024. Highlights include average monthly originations of £269.3 million, a record loan book of £7.6 billion, and underlying pre-tax profits of £53.7 million for the quarter.
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