Together prices £409m CRE7 mortgage-backed securitisation
Together Financial Services Limited (‘Together’ or the ‘Group’), which aims to be the UK’s finance partner of choice, is pleased to announce the successful pricing of its seventh public small balance commercial real estate mortgage-backed securitisation, issued by Together Asset Backed Securitisation 2026-2 CRE-7 plc (“CRE7”).
Transaction highlights
- £409m small balance commercial real estate MBS
- 1.21% weighted average cost of placed notes at a 95% Advance Rate
- 83.00% of issued notes expected to be rated AAA(sf) by Fitch and AAA(sf) by DBRS
- Expected settlement 28 October 2026
CRE7 is backed by a portfolio of first and second charge mortgages secured against commercial, residential and mixed-use properties across England, Wales and Scotland, with first charge mortgages representing 98.2% of the portfolio. The transaction further strengthens and diversifies the Group’s funding platform, which includes 12 existing public mortgage-backed securitisations, eight private securitisations, secured notes and a revolving credit facility.
Chris Adams, chief financial officer at Together, commented: “The successful pricing of CRE7 marks our fourth transaction in four months, demonstrating the strength of our capital markets access and investor support. This £409m transaction further diversifies our funding platform and provides additional capacity to support our commercial customers and SMEs across the UK.”
BNP Paribas and Lloyds Bank Corporate Markets acted as co-arrangers and Barclays, BNP Paribas, Citi, Lloyds Bank Corporate Markets and Natixis acted as joint lead managers.