Specialist finance provider, Together, has announced a further increase in its funding, with the issuance of £150m in senior secured notes.
The increased funding affirms the financial strength of Together as it continues with its ambitious growth plans across both its commercial and personal finance businesses.
Gary Beckett, group managing director and chief treasury officer at Together said: “Alongside our established securitisations and recent successful debut RMBS (residential mortgage-backed security), our bonds are an important cornerstone of financing the continued growth of our loan book. This bond tap offers increased liquidity to an already successful issue and adds further depth and diversity to our funding structure.”
Marc Goldberg, Together’s commercial CEO said: “Having been providing finance for 44 years, we’re established as leaders in the specialist lending market, but we have big plans for continued growth. This additional funding will enable us to support more customers, and is a testament to the strength of our successful business model.”
Personal finance CEO Pete Ball added: “In the past year we’ve widened our distribution across mainland UK and expanded our product offering so that we can help even more customers to access the finance they need, so we’re delighted with this £150 million increase in funding which will enable us to continue with our expansion.”
This follows the news that global rating agency Fitch has upgraded Together’s corporate rating, reflecting the continued progress the group has made over the last 12 months.
Together announced record financial results last year, with annual lending to 30 June 2017 at close to £1.2 billion, and a current loan book of more than £2.37 billion.