Investing in a leading provider of specialist mortgage finance
Deal size, February 2017
Chair: David Stewart
CEO: Danny Waters
ENRA Group is a specialist provider of mortgage finance, lending and brokering short term bridge and development mortgages, as well as longer term second charge and buy-to-let loans.
Exponent acquired a majority stake in the business from management and Livingbridge and worked closely with the incumbent team led by founder and CEO Danny Waters and Operating Chairperson David Stewart, who had previously acted as CEO of Coventry Building Society. We were attracted to ENRA Group because of its bespoke manual underwriting process, and the opportunity to work with the team to build the business into new product areas.
Over the course of our ownership we materially diversified lending through launching three new specialist mortgage products, strengthened the team behind the CEO founder and invested in operations to enable rapid growth. As the business scaled we were also able to optimise financing, culminating in accessing the capital markets for the first time via two successful securitisations.
As a result the group became the leading non-bank specialist lender in the UK, and was acquired by Elliott Advisers in September 2022.