Together prices £409M securitisation, its fourth deal in four months
What's the deal? UK specialist lender Together has priced a £409 million commercial mortgage-backed securitisation, its seventh public small-balance commercial deal. BNP Paribas and Lloyds Bank Corporate Markets co-arranged the transaction, with Barclays, Citi, and NatixisDealroom has a profile for this one. Try Dealroom → joining as joint lead managers.
The details: The notes carry a weighted average cost of 1.21% at a 95% advance rate, with roughly 83% expected to earn AAA ratings from FitchDealroom has a profile for this one. Try Dealroom → and DBRS. Settlement is expected on October 28, 2026.
The deal — issued through Together Asset Backed Securitisation 2026-2 CRE-7 plc — is backed by first and second charge mortgages against commercial, residential, and mixed-use properties in England, Wales, and Scotland. First charge mortgages make up 98.2% of the portfolio.
Why now? It is Together's fourth funding transaction in four months, following a £542 million commercial MBS in May and a £563 million residential MBS in July. In the year to June, the lender raised, refinanced, or increased £3 billion across nine securitisations.
What's the endgame? The issuance adds to a funding platform spanning 12 public securitisations, eight private ones, secured notes, and a revolving credit facility. "This £409 million transaction further diversifies our funding platform and provides additional capacity to support our commercial customers and SMEs across the UK," said chief financial officer Chris Adams.
By the numbers: The deal ranks in the 93rd percentile by size among all-time UK fintech debt rounds in our database, placing it near the top of a 382-deal sample.
The signal: The low pricing and high advance rate point to continued investor access for UK non-bank lenders, even in a more uneven funding market. For Together, the pace and breadth of issuance matter more than the single figure — routine funding that keeps lending growth intact without a fresh equity raise.
Read more: theintermediary.co.uk
