Post by Wisealpha on Apr 27, 2017 16:04:55 GMT
Dear all,
We’ve added a new high yield bond to the WiseAlpha market – this time from Together, a specialist lender.
Together 10.5% unsecured bonds maturing 15 Nov 2021
• Established in 1974 Together is a specialist lender to niche markets offering short-term finance, auction finance, residential, buy-to-let and commercial mortgages, and secured loans.
• Recent accolades include: Best Buy-to-Let Product Range, Best Near-Prime Product Range, Best Bridging Lender, Bridging Lender of the Year, Large Company Management Team of the Year (North West), The Sunday Times Grant Thornton Top Track 250, Best Service from a Bridging Finance Provider, Best for Auction Financing, Alternative Finance Provider of the Year and Best Secured Loan Provider.
• Recently annual lending topped £1 billion for the first time in Together’s 42 year history.
• The company has shown a history of being highly proficient at pricing and underwriting risk. On the £2.7 billion of loans written since 2011, realized principal losses have totaled just £86 thousand.
• As of June 2016, total provisions against the loans similarly are very low at 0.13%, or £3.5 million. Looking back over the last decade to include the financial crisis, the principal loss experienced in any one year never exceeded 0.8% of the loan book.
• Recently agreed a new facility with Goldman Sachs Private Capital of £90 million, targeted at funding its bridging finance activity.
• Bonds have a 10.5% cash coupon which at the company’s election can be deferred and rolled up (PIK) and paid at maturity with the coupon stepping up to 11.25%.
Further detail here:
www.wisealpha.com/loan/detail/36/togsub
Thank you,
The WiseAlpha Team
Capital at Risk.