Enra Specialist Finance

Enra Specialist Finance completes £285m securitisation

Enra Specialist Finance has closed its second public securitisation, Elstree Funding No.2 Ltd.

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

There was significant investor demand for the bonds, which culminated in the deal achieving tight pricing, while maintaining a 2x subscribed order book.

This follows a record year for Enra in 2021, during which it achieved £36m of earnings before interest, taxes, and amortization.

The company also saw further growth in lending and achieved significant scale and optimisation within its funding programme.

Enra issued its inaugural transaction in November 2020, which highlighted its intention to be a programmatic issuer.

Adrian Scragg, director for funding solutions at Enra Specialist Finance, 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 at Enra Specialist Finance (pictured above), added: “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 past 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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