Enra Specialist Finance has completed its second public securitisation, backed by a portfolio of buy-to-let (BTL) and prime second charge mortgages.

The transaction comprises a £285m portfolio of first charge BTL and prime second charge mortgages, originated under Enra’s lending brand, West One Loans.

Originally a bridging lender, West One has around £1.5bn of assets under management and entered the second charge and development finance markets in 2017, before launching BTL products in 2019.

Enra issued its inaugural transaction in November 2020 and the latest securitisation follows a record year in 2021, with the business delivering £36m of EBITA and further growth in lending.

The lender revealed there was significant investor demand for the bonds which culminated in the deal achieving tight pricing while maintaining a 2x subscribed order book.

Enra Group CEO, Danny Waters, commented: “The securitisation is a great start to the year, and the culmination of significant work through 2021 to mature and industrialise our funding.

“In the last 12 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.”

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