Car finance firm Bluestone Asset Finance (Ireland) Limited has raised €25 million through the securitisation of a portfolio of motor and commercial vehicle loans.
The portfolio related to 2,102 loan agreements originated by Bluestone this year, secured on a mix of new and used motor vehicles and commercial asset equipment.
It’s the second tranche of refinancing Bluestone has raised this year. In May it raised €25 million on a a portfolio made up of 2,075 loan agreements originated by Bluestone since late 2014.
Donal Murphy, Bluestone Ireland's Managing Director, said: "This transaction is part our ongoing programme to accelerate lending to customer segments that remain under-served by the pillar banks. Since 2015, we have provided over €50 million in finance through our network of over 450 motor dealer partners and equipment brokers with whom we focus on providing clear and responsive underwriting decisions."
Bluestone specialises in providing finance to buyers who are self-employed, have little or no credit history or who experienced financial difficulties during the financial crisis but can now demonstrate a stable income.
In October, Bluestone launched a new finance product aimed at young businesses and self-employed contractors seeking to purchase agriculture or construction equipment.
Its UK parent specialises in loan origination, consumer loan purchase and debt servicing.
Its shareholders include LDC, a wholly-owned subsidiary of Lloyds Banking Group, Australia's Macquarie Bank, and Bluestone's management team.
The group established the Irish business in 2011 through the purchase of a €350 million asset finance portfolio from Bank of Scotland (Ireland). It later added two consumer and asset finance portfolios.
Initially focused on the loan servicing of these portfolios, Bluestone’s asset finance lending business launched in late 2014, distributing products through intermediaries.
