Enra Specialist Finance signs £500m Bridging Facility with J.P. Morgan

Enra Specialist Finance (“Enra”), one of the UK’s largest non-bank lenders has announced that it 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.

Building on its already well-diversified funding platform, this is the latest in a series of significant advancements Enra has made in the past 12 months – launching its inaugural £270m public securitisation last November and £250m forward-flow arrangement agreed in February (also with J.P. Morgan).

The new facility allows Enra to 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, Enra is targeting continued growth through 2021 and 2022 and intends to expand assets under management significantly beyond its current £1.2bn. Partnering with global financial institutions to build a large scale, cost effective and robust funding platform is a key enabler of Enra’s growth strategy.

Danny Waters, CEO of Enra, 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.”

Ben Peletier, Managing Director in Securitised Products at J.P. Morgan, 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.”

ENRA were also supported on the transaction with advice from EY Financial Services Corporate Finance team, led by Stuart Mogg on this transaction.

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