Enra signs £500m bridging facility with JP Morgan

Enra Specialist Finance has signed a new facility with JP Morgan to fund its bridging portfolio.

The facility will allow Enra, under its West One brand, to fund up to £750m of loans, alongside its other funding sources.

The funding is set to further scale Enra’s short-term lending platform and substantially reduce its cost of borrowing.

With annual originations in excess of £1.5bn, the lender is targeting continued growth through 2021 and 2022 and intends to expand its assets under management significantly beyond its current £1.2bn.

The facility is the latest in a series of advancements Enra has made over the past 12 months, having launched its inaugural £270m public securitisation in November 2020 and agreed a £250m forward-flow arrangement with JP Morgan in February to support the origination of larger BTL mortgage portfolios.

“We’ve worked with JP Morgan for some time now, firstly with the forward-flow arrangement and now with this landmark bridging facility,” said Danny Waters, CEO at Enra (pictured above).

“We’re really excited about the scale this transaction will give us.”

The lender was supported on the transaction with advice from EY Financial Services Corporate Finance team, led by Stuart Mogg.

Ben Peletier, managing director in securitised products at JP Morgan, added: “This transaction is a clear indication of the scale of Enra’s ambitious plans for growth.

“We are pleased to be broadening our relationship with Enra and are very supportive of its plans for further expansion in the specialist lending sector.”

Earlier this week, West One exclusively revealed to B&C that it is targeting £1bn of short-term lending in 2021, following a record first six months of the year for bridging business, having issued a total of £2.3bn in terms.

In December 2020, West One revealed a brand refresh and opened its proposition to the whole market, including networks and clubs.

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