Enra Specialist Finance has completed its fourth public securitisation, Elstree 4.
The transaction comprises a £340m portfolio of first charge, buy-to-let and second-charge mortgages, originated under Enra’s lending brand West One Loans and securitised through its Elstree securitisation platform.
The proceeds from the transaction will help Enra, and subsidiary West One, achieve their lending targets over the coming 12 months.
Strong demand resulted in the deal achieving tight pricing, with an over-subscribed order book, notwithstanding an upsize of the deal from £250m to £340m.
Qasim Jafri, director, 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, 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 RMBS.”