Enra Specialist Finance has signed a new facility with J.P. Morgan to fund its bridging portfolio.

The facility will allow Enra, under its West One brand, to fund up to £750m of loans alongside its other funding sources.

This is the latest in a series of significant advancements Enra has made in the past 12 months, after the non-bank lender launched its inaugural £270m public securitisation last November, and agreed a £250m forward-flow arrangement in February – also with J.P. Morgan.

Enra said the latest facility will add further scale to its short-term lending platform as well as substantially reduce its cost of borrowing. With annual originations in excess of £1.5bn, the lender is targeting to expand its assets under management significantly beyond its current £1.2bn through 2021 and 2022.

Enra CEO, Danny Waters, said: “We’ve worked with J.P. Morgan for some time now, firstly with the forward-flow arrangement and now with this landmark bridging facility. We’re really excited about the scale this transaction will give us.”

J.P. Morgan managing director in securitised products, Ben Peletier, added: “This transaction is a clear indication of the scale of Enra’s ambitious plans for growth. We are pleased to be broadening our relationship with Enra and we are very supportive of their plans for further expansion in the specialist lending sector.”

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