UK mortgage lender Enra Specialist Finance announced the completion of its second public securitisation on Thursday 27th January, backed by a portfolio of buy-to-let and prime second charge mortgages.
The transaction comprises a £258m portfolio of first charge BTL and prime second-charge mortgages, originated under Enra's lending brand West One Loans.
The securitisation follows a record year in 2021 where the business delivered £36m of EBITA, further growth in lending and achieved significant scale and optimisation within its funding programme.
When Enra issued its inaugural transition in November 2020, it signalled its intention to become a programmatic issuer - something it has successfully achieved in the form of Elstree Funding No.2 Ltd.
There was significant investor demand for the bonds which culminated in the deal achieving tight pricing whilst maintaining a 2x subscribed order book.
Adrian Scragg, Director, Funding Solutions said: "I am proud of the fantastic outcome we have achieved with Elstree 2. The high level of investor engagement and strong execution are testament to the strength and maturity of the business, and the high credit quality of the loans it originates. I am already looking forward to the next issuance from our programme".
Danny Waters, CEO, added: "The securitisation is a great start to the year, and the culmination of significant work through 2021 to mature and industrialized our funding. In the last twelve months we have attracted new warehouse partners, established a flow agreement, grown our lending significantly and delivered on our promise to become a repeat RMBS issuer. The business is now extremely well placed to scale up further in 2022".
Enra's lending business West One has around £1.5bn of assets under management. Originally a bridging lender, West One entered the second charge and development finance markets in 2017 and launched BTL products in 2019. Having delivered consistently strong growth in its new product lines to date, Enra anticipates further growth facilitating programmatic RMBS issuance is future. The firm services all of its assets in-house and also acts as a specialist mortgage distributor under the Vantage Finance and Enterprise Finance brands.
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