The facility will allow Enra to fund £750m of loans alongside its other funding sources.

The non-bank lender launched its inaugural £270m public securitisation in November 2020 and £250m forward-flow arrangement agreed, also with JP Morgan, in February.

Enra says the new facility allows it to add further scale to its short-term lending platform and substantially reduce its cost of borrowing and intends to expand assets under management significantly beyond its current £1.2bn.

Enra chief executive Danny Waters says: “We’ve worked with JP 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.”

JP Morgan managing director in securitised products Ben Peletier says: “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.”