Enra Specialist Finance completes £285m securitization

Enra Specialist Finance has completed a £285m public securitization of lease and second-order loans.

It says the mortgage portfolio was created under the company’s West One Loans brand, making it its second public securitization. The order book was oversubscribed twice.

The company issued its first transaction in November 2020, and said it would then become “a programmatic issuer”.

Its sale to capital markets follows a record year in 2021, which saw the company produce £36million in earnings before interest, tax and amortization, as it increased its loans and restructured its funding.

Adrian Scragg, Enra’s Director, Financing Solutions, said: “The high level of investor engagement and the strength of the execution speaks to the strength and maturity of the business, as well as the credit quality high in the loans it issues.

“I’m already looking forward to the next broadcast of our program.”

Enra’s Managing Director, Danny Waters, adds, “Over the past twelve months, we have brought in new warehouse partners, established a stream agreement, significantly increased our lending, and delivered on our promise to become an issuer. recurring residential mortgage-backed securities.

“The business is now extremely well positioned to grow further in 2022.”

West One has approximately £1.5 billion in assets under management. The brand was originally a bridge lender, but entered the second credit and development finance markets in 2017 and launched BTL products two years later.

Enra also acts as a specialty distributor of mortgages under the Vantage Finance and Enterprise Finance brands.

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