Enra Specialist Finance has priced its first residential mortgage backed securities, backed by a portfolio of buy-to-let and second charge mortgages.
The transaction, Elstree Funding No.1, consists of 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.
Originally a bridging lender, West One entered the second charge market in 2017 and launched buy-to-let products in 2019. It anticipates further growth facilitating programmatic residential mortgage backed securities issuance in the future.
The firm services all of its assets in-house and also act as a specialist mortgage distributor under the Vantage Finance and Enterprise Finance brands.
Emily Gestetner, Enra CFO, 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.”