Enra Specialist Finance has agreed a new facility with J.P. Morgan to fund its bridging portfolio.

The facility will allow Enra, under its West One brand, to fund up to £750m of loans alongside its other funding sources.

Enra launched its inaugural £270m public securitisation last November and announced a £250m forward-flow arrangement in February (also with J.P. Morgan).

The new facility allows Enra 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, Enra is targeting continued growth through 2021 and 2022 and intends to expand assets under management significantly beyond its current £1.2bn.

Danny Waters, CEO 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.”

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.”