West One parent company Enra completes first securitisation

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  • 20/10/2020
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West One parent company Enra completes first securitisation
Enra Specialist Finance, parent company of West One Loans, has priced its first residential mortgage backed securities, based on its portfolio of first charge buy-to-let and second charge mortgages.

 

The transaction comprises a £267.8m portfolio held by West One Loans.  

For its initial securitisation called Elstree Funding No.1, Enra said it received substantial demand from pre-placement orders before the deal was publicly launched.  

As the group plans to come to market annually as a programmatic issuer, it has held back around £50m of bonds for public sale.

Its programmatic status will mean its bonds are certified from the first issuance, avoiding the need to go through the certification process for each bond, it said.

Overall, the deal was launched and priced within a week. 

Emily Gestetner, chief finance officer of Enra, said: “I am delighted to have 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. 

She added: While we are relatively recent entrants to the second charge and buy-to-let 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 securities deal.” 

 

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