Car finance firm Bluestone raises €40m through security issuance
Portfolio is made up of 1,913 loan agreements originated by the company last year
The company said it had advanced more than €120 million in finance to customers since commencing lending
The portfolio is made up of 1,913 loan agreements originated by the company last year with the ability to sell additional receivables into the transaction. It is secured on a mix of new and used motor vehicles and other commercial asset equipment.
This latest securitisation of a loan portfolio has been made through a designated activity company called Topaz Asset Finance 2017-A2 DAC.
Bluestone has been operating in the Irish market since 2011, when it bought a €350 million asset finance portfolio from Bank of Scotland. The company’s asset finance lending business launched in late 2014 and distributed products through motor dealers and financial brokers.
In aggregate the company said it had advanced more than €120 million in finance to customers since commencing lending.
“Bluestone experienced strong growth in 2017 on foot of sustained demand through our nationwide network of dealership partners from customers seeking alternative financial solutions to those offered by the pillar banks. The business continues to grow strongly with over 570 approved motor partner dealers and equipment brokers in place,” said managing director Donal Murphy.
Bluestone is introducing a new product designed to assist franchise dealers, although it said it would also continue to provide finance products for customers who typically struggle to secure loans.