ENRA lends and brokes short term bridge mortgages as well as distributing specialist second charge and buy-to-let products. The business has enjoyed 'strong growth' on the back of its bespoke manual underwriting process that allows it to offer a superior customer centric approach. ENRA is unique in both lending from its own balance sheet and placing loans with external investors via its West One platform, in addition to operating a leading master broker under the Enterprise brand.
Exponent intends to fund ENRA’s expansion into the specialist buy-to-let and second charge mortgage market, continuing to focus on products 'that meet the needs of underserved customers in a sector that is experiencing significant change'. David Stewart, former CEO of Coventry Building Society, will join the board as Chairman, and brings a wealth of experience in long term secured lending.
Mark Taylor, Partner at Exponent, said:
“We believe ENRA is uniquely positioned in the specialty finance market, offering its customers both speed and certainty across a range of bespoke residential and commercial mortgage products. We are excited to back Danny Waters and his team to continue the impressive growth the business has experienced to date, as well as supporting ENRA to develop new product lines.”
Danny Waters, CEO of ENRA, said:
“ENRA is at a key stage in its development and is well positioned to offer innovative solutions to customers in a market that is evolving at a rapid pace. We are thrilled to be partnering with Exponent and look forward to working together to take the business to the next level of growth. I would also like to thank David Campbell and the team at Livingbridge, whose fantastic support has allowed the business to grow five-fold in just 3 years.”
Shani Zindel of Livingbridge said:
“We are very proud of our investment in ENRA. Danny and the team have done a fantastic job. The business has grown from a niche broker of loans to a leading provider of lending solutions – organically and through the acquisition of West One Loans. The investments made in people, IT, sales and marketing have yielded extremely impressive results – ENRA has grown successfully on every level. We are pleased to be able to continue as shareholders and look forward to the next stage of growth.”
