Cheadle lender Together agrees new £90m funding facility

Cheshire-based lender Together has agreed a new £90m facility targeted at funding its bridging finance activity.

Supported by the private capital arm of US financial giant Goldman Sachs, the programme will run until January 2021 with underlying loans drawn from across the Together portfolio.

Marc Goldberg, the commercial CEO of Cheadle-based Together, said: “We have a clear strategy set out for the next five years and this additional funding will enable us to further increase our bridging finance lending.

“We’ve seen strong demand from businesses and investors in this area, and lent a total of £572.3 million of bridging finance in the 12 months to 30 September 2016.”

He added: “Meanwhile, across the group, annual lending topped £1bn for the first time in our 42-year history.”

Together’s group CFO, Gary Beckett, believes the introduction of the Delta facility demonstrates the firm’s “strong financial position, […] robust business model” and the “continued demand” for its financial products.

The facility, he explained, will support the company’s growth plans and “sit alongside its existing funding channels, which include the £1bn Charles Street securitisation programme, the £255m Lakeside securitisation programme and our recent £375m capital markets bond issuance.”

Professional services firm EY acted as Together’s financial advisor and arranger.

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