Enra Specialist Finance

West One sees record completions in Q1 2021, with bridging loan book now at £500m

Enra Specialist Finance has announced its Q1 2021 results, reporting that completions levels rose to £309m in the quarter under the West One lending brand, up 37% on Q1 2020.

Bridging finance made up the majority of West One’s total completions in the quarter. 

The record results have been achieved without West One compromising its overall risk appetite and credit policy, which remain tighter than pre-pandemic levels.

According to Danny Waters, CEO at Enra Specialist Finance, West One’s bridging finance loan book currently stands at circa £500m, while the BTL loan book has reached around £150m.

The group also saw robust performance under its two broking brands, Enterprise Finance and Vantage Finance, with record completions and new enquiries across both.

On a consolidated basis, Enra posted a top line revenue of almost £22.6m for Q1, with EBITDA of over £9m for the period.

The business reported that January was a slower month, but quickly picked up and pipeline applications are looking strong.

“The first quarter of 2021 has seen a stellar performance from all areas of the business, with sales, operations and back-office teams all working extremely hard to deliver for our clients,” said Danny.

“Our businesses have traded strongly throughout the pandemic, with West One, Enterprise and Vantage ever present in the market. 

“This dynamic performance is a consequence of the hard work and commitment during such unprecedented times, and I think we’re now seeing the reward for our consistency over the past 12 months.

“We remain totally focused on delivering excellent service and compelling products as the foremost non-bank lender in the market.”

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