Together launches £150m development securitisation facility

Specialist lender Together has launched a £150m inaugural securitisation facility for property development lending.

The securitisation facility, ADALO Asset Backed Securitisation, will offer ongoing funding for loans secured against developments in England and will initially contain loans that previously formed part of the group’s senior secured notes security. It will “support development customers in helping to achieve the UK government’s target for building new homes”.

Together – which grew its loan book last month – added that its new facility created “additional headroom” and “further diversifies” its funding structures.

The lender currently has seven public residential and four commercial real estate mortgage-backed securitisations, six private securitisation facilities, senior secured notes and banking syndicate facility.

Mike McTighe, chair of Together, said: “We are excited to announce the successful launch of our first-ever securitisation for property development lending. This innovative new facility will provide support for our development customers in helping to address the UK’s housing shortage.”

Gary Beckett, group managing director and chief treasury officer of Together, added: “Since the start of our financial year in July, we have raised or refinanced over £2.4bn of facilities to support our growth plans.

“The launch of this unique facility further diversifies our funding profile and demonstrates Together’s strength and capability to deliver funding capacity to support our diversified product base.”