The parent company of West One Loans has secured a deal with JP Morgan to fund the development of its buy-to-let mortgage range.
Enra Specialist Finance has secured a £250m investment deal, which involves the sale of future buy-to-let mortgages it originates to JP Morgan.
According to Enra, the investment will be used to support the origination of larger buy-to-let mortgage portfolios.
It added that the deal demonstrated its commitment to maintaining diversified, stable sources of capital to support lending activity across its product range.
Danny Waters, chief executive of Enra Specialist Finance, said: “This new relationship with JP Morgan is another positive move for the business.
“This collaboration allows us to further develop our West One buy-to-let offering in line with our 2021 objectives and solidifies our position within the market as a large, well-resourced, leading specialist lender.”
According to Enra, its focus for this year and next is to expand all of its product lines, with a particular focus on buy-to-let.
A spokesperson for the group said that by offering a range of different products backed by a “stable of pedigree funding partners” such as JP Morgan, it believed it could create an “industry-leading”, non-bank specialist lender to supply financing to consumers, property developers and professional BTL investors at a time when high street banks had “significantly reduced” their lending appetites.
Eric Wragge, managing director in securitised products at JP Morgan, said: “We are pleased to have worked with Enra on this transaction to help scale its footprint in the buy-to-let arena and look forward to watching its continued growth as a specialist lender.”
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