Property lender Together will provide funding for the delivery of thousands of additional homes across the UK with the launch of its first £150m development finance facility.
The lender, which has a loan book of £6.8bn, today announced its inaugural securitisation facility for development lending, which will unlock the additional finance needed for building projects.
This will include SME developers undertaking housing schemes, student accommodation, care homes, social housing and mixed-use projects.
Together, which has its own development finance team, has funded the delivery of over 7,000 homes over the last five years.
Together’s new £150m securitisation facility, known as ADALO, is supported by a portfolio of loans secured against developments in England, Wales and Scotland, and refinances assets forming part of the group’s senior secured notes.
The new facility complements the group’s existing seven public residential and four commercial real estate mortgage-backed securitisations (MBS), six private securitisation facilities, senior secured notes and banking syndicate facility.
Ian Pickering, the lender’s director of development funding (pictured above), said: “Our new £150m securitisation facility will provide a much needed ‘shot in the arm’ to housebuilding schemes across the country.
Ian said: “We know from our own research that there is a huge appetite from UK housebuilders for projects around the country.
“We’d expect to see this demand continue to grow, supported by lower borrowing rates, a continuing decline in inflation and growing wages.
“Together’s new funding facility will open doors to even more property developers and help them provide much-needed homes across the UK.”
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