"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."
The transaction comprises a £267.8m portfolio split between second charge mortgages and first charge buy-to-let mortgages, originated under Enra’s lending brand West One Loans.
Enra also held back around £50m of bonds for public sale and says it intends to "come to market every year as a programmatic issuer".
West One has around £1bn of assets under management. Originally a bridging lender, West One entered the second charge market in 2017 and launched buy-to-let products in 2019. The firm also acts as a specialist mortgage distributor under the Vantage Finance and Enterprise Finance brands.
Emily Gestetner, CFO 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.
"Whilst 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.”
