Completed on 29 April 2016, this is Bluestone’s third successful debt raising since returning to the loan origination market in 2013, and takes total funds raised to $500 million over the same period.
Bluestone's CEO for the Asia-Pacific region, Campbell Smyth, said the latest successful raising is proof of the growing demand for the group’s specialist loan products, particularly from brokers.
“We have had triple digit growth in loan volumes since 2013, and with ongoing support from CBA and Macquarie Bank, we look forward to working with our brokers to expand our product and service offerings,” Mr Smyth said.
“We have no doubt that demand for specialist loan products will continue to grow. Brokers are telling us that we are filling a serious gap in the market, providing specialist products to segments which have typically been underserved, like the self-employed.”
According to Bluestone’s national head of sales, Royden D’Vaz, the group’s growth in the broker market is the result of a continued focus on providing specialist loans which meet the needs of clients.
“We don’t seek to compete with the mainstream lenders by providing a ‘me too’ product, rather we have a strong and varied offer, with a focus on specialist lending, [in] an area which is generally less attractive to the big banks,” Mr D’Vaz said.
“At the same time, we understand that brokers need to see the value in our products, so we make sure that we understand exactly what their clients are asking for and what will make life easier for them.”
Mr D’Vaz said the flexible structure of Bluestone’s loans, combined with a high level of service, has been the driver of its strong growth with brokers.
With major lenders beginning to tighten their credit and risk appetite, Mr D’Vaz said there’s no doubt the outlook for specialist lenders is as positive as it has ever been.
[Related: Bluestone joins Connective panel]