Enra Specialist Finance has announced that it has priced its first residential mortgage backed securities, backed by a portfolio of buy-to-let (BTL) and second charge mortgages.
The mortgage lender revealed the transaction comprises a £267.8m portfolio split between second charge mortgages and first charge BTL mortgages, originated under Enra’s lending brand West One Loans.
For its initial securitisation, Enra said it garnered substantial demand from pre-placement orders ahead of publicly launching the deal. The lender revealed that it intends to come to market every year as a programmatic issuer, so the business also held back around £50m of bonds for public sale.
West One, Enra's lending business, has around £1bn of assets under management, having entered the second charge market in 2017 and then launching BTL products in 2019.
“I am delighted to have priced Enra’s first securitisation,” said Enra CFO, Emily Gestetner. “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 BTL 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.”
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