Together posts record monthly lending

• Average monthly originations up 17.1% on previous quarter, at £146.9m
• £190.3m originations in June – highest monthly figure since first UK lockdown
• £159.6m in commercial lending, including £93.7 for bridging finance

Specialist lender Together today announced record monthly lending since the start of the first UK lockdown.

The finance group, which provides commercial and personal finance and is based in Cheadle, Greater Manchester, recorded £190.3 million in originations in June, with average monthly lending up 17.1% in in the three months to June compared to the previous quarter.

Its commercial finance division also had the largest ever monthly figure in Together’s 47 year history providing nearly 700 loans with a value of £159.6m in June – including £93.78million in short-term lending and £44.3million in buy-to-let mortgages.

Meanwhile, it also increased the “diversity and maturity” of its funding structure, adding £345milion of facilities to its funding structure since March 31, putting Together in a “strong position” to support even more mortgage borrowers and businesses, a spokesman said.

In June, Together issued its second small balance commercial real estate mortgage backed securitisation of £249m just three months after completed the first transaction of this kind since the global financial crisis in 2008. This month, it has also issued another securitisation of £96.2m – known as ‘Brooks ABS1’ – it sixth successful funding transaction since the start of the pandemic.

Gerald Grimes, Group CEO Designate at Together, said: “With demand for specialist lending products expected to grow strongly, Together is well placed to help increasing numbers of customers to realise their ambitions and to support the UK economy in bouncing back from the pandemic.”

The success of the coronavirus vaccine roll-out programme, continued easing of lockdown restrictions and more positive economic data had led some commentators to forecast a stronger-than-expected economic recovery.

Against this backdrop, as Government Covid-19 support schemes are withdrawn, many people may find themselves in a different position to how they entered the pandemic. With robust levels of capital and liquidity, Together is well placed to help increasing numbers of customers to realise their ambitions.