Enra Specialist Finance completes fourth securitisation

  • 06/02/2024
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Enra Specialist Finance completes fourth securitisation
Enra Specialist Finance has completed its fourth public securitisation, comprising a £340m portfolio of first charge, buy-to-let (BTL) and second charge mortgages.

The loans were originated under Enra’s lending brand West One Loans and securitised through its Elstree securitisation platform. 

Enra placed the bonds on the open market and demand resulted in an oversubscribed book, which led to the firm upsizing the deal from £250m to £340m. 

The capital raised from the Elstree 4 transaction is expected to help Enra and West One reach their lending targets this year. 

West One has around £2bn of assets under management (AUM). 

Last year, Enra reported growth across all of its lending products and delivered more than £40m in earnings before interest, taxes, depreciation, and amortisation (EBITDA). 

Qasim Jafri, director of funding solutions at Enra Specialist Finance, said: “We have achieved a very good outcome on Elstree 4.  

“I’m delighted that existing investors in prior Elstree deals continue to support the business, and that new investors have been successfully attracted by the strength and maturity of Enra’s business, and the high credit quality of the loans it originates.”  

Emily Gestetner, CFO of Enra Specialist Finance, added: “Elstree 4 represents a great start to 2024, and the culmination of significant work in the treasury team to maintain strong engagement with our investors, optimise our securitisation structures prudently, and to build Enra’s reputation as a reliable repeat issuer of high-quality specialist lending residential mortgage backed securitisation (RMBS).” 

Enra said it expected to issue further RMBS through the Elstree platform.  

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