DUBLIN: Bluestone Asset Finance, a financial services group, has raised €30 million by refinancing car loans after selling bonds on the open market. This is the company’s third asset backed security issuance in Ireland. The portfolio is made up of 2,505 loan agreements relating to a mix of new and used motor vehicles and other commercial equipment on which Bluestone issued finance in 2016 and 2017. This latest securitisation of a Bluestone loan portfolio has been made through a designated activity company called Topaz Asset Finance 2017-A1.
According to the company’s managing director for Ireland, Donal Murphy, the finance house has provided more than €80 million in finance since 2015 through its network of over 500 dealers. “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,” said Mr Murphy. Bluestone describes itself as a lender to 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.” This type of customer is not considered to be a prime lendee. However, Bluestone says that it adopts a prudent underwriting philosophy to ensure each applicant’s circumstances are properly understood.
