Together’s loan book reaches record £4.8bn

The specialist lender’s group loan book increased 21.5% compared to 31 March last year when it stood at £3.9bn. It was also a rise from the £4.4bn figure at the end of 2021.

The group also reported average monthly loan originations of £234.7m, which was up 87.1% compared with £125.4m in Q3 2021 and up 17.4% compared to the previous quarter, as it continued to increase lending volumes.

Underlying profit before tax was down 14.5% to £37.6m compared with £44.0m in Q3 2021.

It was down 12.6% compared with £43.0m compared to the previous quarter, which Together said was owing primarily to certain debt facility refinancing costs incurred and costs related to the ongoing review of the strategic options for the business.

Commenting on the results, Together group chief executive designate Gerald Grimes says: “We continued to shape our business for the future, delivering further improvements to our systems and to the experience for our customers and intermediaries.”

“Together maintained its strong momentum into Q3, with new lending up 17.4% on the previous quarter and the loan book ending the period at a record high of £4.8bn, while maintaining a very conservative LTV of 51.7%. The group remains robustly profitable and cash generative, with underlying profit before tax of £41.3m and cash receipts of £456m during the quarter.”

“We have also successfully increased the scale, diversity and maturity of our funding to support our growth plans. Since January we have raised or refinanced over £2.3bn, including refinancing our £1.25bn AA rated CABS securitisation and refinancing our LABS facility including upsizing by £200m to £700m whilst we recently also priced our £349m inaugural second charge only RMBS,” he adds.