Enra completes its first securitisation



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Enra Specialist Finance has priced its first residential mortgage-backed securitisation, backed by a portfolio of BTL and second-charge mortgages.

The transaction comprises a £267.8m portfolio split between second-charge mortgages and first-charge BTL mortgages, originated under Enra’s lending brand, West One Loans.

The lender’s initial securitisation, called Elstree Funding No.1, garnered substantial demand from pre-placement orders ahead of publicly launching the deal.

Enra held back approximately £50m of bonds for public sale, as it intends to come to market every year as a programmatic issuer.

Emily Gestetner, CFO at Enra Specialist Finance (pictured above), said she was delighted by having priced Enra’s first securitisation.

“In a matter of weeks, we have planned and executed a great transaction in challenging market conditions given the backdrop of the pandemic and Brexit. 

“While we are relatively recent entrants to the second-charge and BTL markets, our heritage as a specialist lender goes back many years, and I believe the fact we have been trading for over a decade as a prudent, well-capitalised and profitable lending business was key to attracting such strong demand for our first residential mortgage-backed securitisation deal.”

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