West One Loans Parent Enra Specialist Finance Completes £320m Securitisation

Enra Specialist Finance, which owns specialist lender West One Loans, has closed its sixth securitisation. Named Elstree 2025-1, the deal is made up of £320m of West One-originated mortgages, covering both first charge and buy-to-let loans, and the money raised will support further lending under the group's growth plans.

Demand exceeded the amount on offer, and six new investors joined the programme. The Class A notes priced more tightly than any publicly marketed UK buy-to-let or RMBS deal since 2021. Earlier Elstree transactions have continued to perform well on credit despite a difficult economic period for borrowers.

Emily Gestetner, CFO of Enra Specialist Finance, said this was the company's first transaction backed purely by first charge loans and that it strengthened Enra's standing as a regular issuer of quality RMBS. She attributed the oversubscription and strong pricing to careful underwriting and the performance of the loan book, and said the proceeds would allow the lender to increase its lending over the coming year.

West One originates £1.75bn of loans a year across bridging, development finance, residential, buy-to-let and second charge lending.

Source: West One, originally published on The Landsite (25 February 2025)