Specialist lender Together has completed its first small-balance commercial mortgage-backed securitisation.
The £200m Together Asset Backed Securitisation 2021 CRE1 is supported by a portfolio of first and second charge mortgages secured against small-value commercial, residential and mixed-use properties in England, Wales and Scotland.
The transaction is thought to be the first of its type in the UK since the global financial crisis.
As well as this issuance, the group also has four public residential mortgage-backed securitisations and four private securitisations.
Gerald Grimes, Together’s group chief executive designate, said: “The issuance adds further headroom as we continue to support UK businesses and shape our business for an exciting future.”
Marc Goldberg, commercial chief executive at Together, said the latest securitisation has “increased diversification” in the lender’s funding streams and would “provide further support for small businesses that will play an important part in the UK’s recovery from the coronavirus crisis”.
Together, which is based in Greater Manchester, previously reported 70.6% growth in average monthly originations to £74.4m for the quarter ending December 2020. The lender’s closing loan book stood at £3.9bn.
Citibank and HSBC acted as joint arrangers, while Barclays and Natixis were the joint lead managers.
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