It says the portfolio of mortgages were originated under the firm’s brand West One Loans, making it its second public securitisation. The order book was two times oversubscribed.

The business issued its first transaction in November 2020, and said then it would become become “a programmatic issuer”.

Its sale to the financial markets follows a record year in 2021, which saw the business produce £36m of earnings before interest, taxes, and amortization, as it grew its lending and restructured its funding.

Enra director, funding solutions Adrian Scragg says: “The high level of investor engagement and strong execution is testament to the strength and maturity of the business, and the high credit quality of the loans it originates.

“I am already looking forward to the next issuance from our programme”.

Enra chief executive Danny Waters adds: “In the last twelve months we have attracted new warehouse partners, established a flow agreement, grown our lending significantly and delivered on our promise to become a repeat residential mortgage-backed securities issuer.

“The business is now extremely well placed to scale up further in 2022.”

West One has around £1.5bn of assets under management. The brand was originally a bridging lender, but entered the second charge and development finance markets in 2017 and launched BTL products two years later.

Enra also acts as a specialist mortgage distributor under the Vantage Finance and Enterprise Finance brands.