It is comprised of a portfolio of first and second charge mortgages secured against small value commercial, residential and mixed use properties in England, Wales and Scotland with 40 per cent
of the underlying borrowers being self-employed. More than 79 per cent of the issued notes were rated AAA. 

Citibank acted as sole arranger and sole lead manager.

Gerald Grimes, group chief executive designate of Together, said: “We are delighted to announce the successful completion of our second small balance commercial real estate MBS, just three months after we issued the UK’s first transaction of this kind since the global financial crisis.  

“The £249m CRE2 facility provides additional resource as we continue to extend our support to UK businesses.” 

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Gary Beckett, group managing director and chief treasury officer at Together, added: “This is our fourth successful public transaction since the commencement of the pandemic, as we continue to add further strength and diversity to our funding platform.  

“We would like to thank our funding partners who continue to show strong support for the Together growth story.”