Together: revolving conduit securitisation programme

2007: Together is a brand name for a collection of UK lending companies, one of which is a residential mortgage lender. It seems that it uses this 'warehouse securitisation' arrangement to warehouse mortgage loans. Instead of a loan facility which is what a conventional warehouse line of credit is, this has a syndicate of banks that commit an agreed amount of funding (a line of credit) and receive Variable Funding Notes (VFNs) each time they lend.

I guess that at some point the facilities will be refinanced by a Term Securitisation. Together has done one of these (Lakeside).

Details of the warehouse are here and here and also see this report for the same structure used to fund market place lenders before they undertake a term securitisation.

I guess a 'warehouse securitisation' is distinct from a warehouse line of credit because the former issues tradeable securities (VFNs) whereas the latter is a bank loan (not traded). The former is thus called '...securitisation' because of the debt instrument is a security.