Non-bank lender Enra Specialist Finance, which trades as West One Loans, has signed a £500m facility with J.P. Morgan to fund its bridging portfolio.
The facility will allow West One fund up to £750m of loans alongside its other funding sources.
This is the latest in a series of significant advancements from the lender in the past 12 months, as it launched its inaugural £270m public securitisation last November and £250m forward-flow arrangement in February, also with J.P. Morgan.
Danny Waters, chief executive 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.”
The new facility allows West One to add further scale to its short-term lending platform as well as reduce its cost of borrowing.
With annual originations in excess of £1.5bn, West One is targeting continued growth through 2021 and 2022 and intends to expand assets under management significantly beyond its current £1.2bn.
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.”