Hire purchase and lease finance solutions group Bluestone Asset Finance has raised another €40m through its fourth asset backed security issuance in Ireland.
The company said the portfolio is made up of 1,913 loan agreements originated by Bluestone last year and was secured on a mix of new and used motor vehicles and other commercial asset equipment.
Donal Murphy, Bluestone Ireland's Managing Director, said the company saw strong growth last year on the back of sustained demand through its network of dealership partners from customers seeking alternative financial solutions to those offered by the banks.
"The business continues to grow strongly with over 570 approved motor partner dealers and equipment brokers in place. In 2018, Bluestone will widen its offering with a new product designed to assist franchise dealers," Mr Murphy said.
Bluestone has advanced over €120m in finance to customers since entering the market in late 2014.
It said that although the new car market is down almost 10%, Bluestone continues to grow volumes including increased activity in the used car segment which remains buoyant and with further growth predicted in 2018.
It said it has additional funding lines in place to meet further strong demand.
