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.

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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.”

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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