Bluestone Asset Finance (Ireland) has completed an asset backed security issuance in the Republic of Ireland with a €30m (£26.4m) financing of auto and equipment finance receivables.
The portfolio is made up of 2,505 loan agreements originated by Bluestone during late 2016 and 2017 and secured on a mix of new and used motor vehicles and other commercial asset equipment.
This is the third asset backed securitisation Bluestone Asset Finance (Ireland) has concluded, with the last one coming in November 2016, to the tune of €25m.
Bluestone provides motor finance to consumers 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. 90% of its loans are written in the used car segment, which it said was currently buoyant.
Donal Murphy, Bluestone Ireland’s managing director said: “We continue to see strong demand from our dealership partners for financial solutions designed to support customers who for a wide range of reasons are electing not to access credit from the Pillar banks, or who have been denied that access.
“Since 2015, we have provided in excess of €80 million in finance through our network of over 500 approved motor dealer partners and equipment brokers with whom we focus on providing clear and responsive underwriting decisions.”
In October 2016, Bluestone expanded its offering into commercial asset finance 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