It was announced today that Bluestone Asset Finance have completed a €25 million capital markets financing of auto and equipment finance receivables, via the Topaz Asset Finance 2016-2 DAC, its second such securitisation in 2016.
The portfolio is made up of 2,102 loan agreements originated by Bluestone during 2016 and secured on a mix of new and used motor vehicles and commercial asset equipment.
Bluestone provides auto finance to consumers with products tailored to suit customers 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.
Topaz is the capital markets issuance programme that has been established to provide high quality long-term funding solutions to Bluestone’s target markets. Bluestone’s inaugural issuance, Topaz 2016-1, was completed in April 2016.
In October, Bluestone expanded its offering by launching a new finance product aimed at young businesses and self-employed contractors in the SME space who are seeking to purchase agriculture and/or construction equipment.
Bluestone Ireland’s Managing Director, Donal Murphy 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."
Source: www.businessworld.ie
