Specialist mortgage lender secures first securitisation  

For the initial securitisation, Elstree Funding No. 1, Enra garnered demand from pre-placement orders ahead of publicly launching the deal.

The portfolio was split between second-charge mortgages and first charge buy-to-let mortgages, all originated under Enra’s lending brand West One Loans. Enra explained that it intends to come to market every year as a regular issuer, so it held back around £50m of bonds for public sale. Originally a bridging lender, West One now has around £1bn of assets under management.

Enra explained that having delivered steady growth in its new product lines, it anticipates further growth, facilitating more residential mortgage backed securities issuance in the future.

Emily Gestetner, chief financial officer of Enra, said: “I am delighted to have priced Enra’s first securitisation. In a matter of weeks we have planned and executed this transaction in challenging market conditions, given the backdrop of the pandemic and Brexit.”

Specialist lenders will be one of the focal points during FSE-Week, our week of digital broadcasts for mortgage lenders and intermediaries. Specialist Wednesday, on 11 November, will feature speakers from BM Solutions, Foundation Home Loans and Castle Trust Bank, among other specialist lenders.