Specialist lender Bluestone Mortgage has announced the launch of a new facility from National Australia Bank (NAB) with funding provided by accounts managed by Cairn Capital.
Following the launch of a financing facility with Shawbrook Bank earlier this year, along with the recent appointment of Steve Seals as director of sales and distribution, the transaction takes Bluestone’s funding capacity to in excess of £300 million as part of its ongoing expansion.
In addition to Bluestone’s existing funding engagements with Macquarie Bank, new funders have been introduced, effectively broadening its funding base in Europe.
With approximately 33,500 people, 10 million global customers and 570,000 shareholders, NAB – Australia’s largest business bank – offers products and services via its Australian franchise, Bank of New Zealand and through its offices in the United Kingdom, the United States and Asia.
Commenting on the development, David Torpey, managing director of Bluestone Mortgages, said that the expansion confirms its ‘ongoing commitment to growth’ within the UK and the rest of Europe.
He added: “Our new funding line not only gives us a deeper capacity and support to grow the business, but importantly further diversifies our funding base to enable richer product innovation, and deliver greater stability to our services in the EU.”
The full-service credit asset management firm, Cairn Capital, remains prominent on the European credit market, while the independent specialist lending and savings bank, Shawbrook, serves small and medium sized enterprises (SMEs) in the UK, with products tailored to address high growth sub-sectors within the lending industry.
Bluestone’s existing funder, Macquarie Bank, provides clients with asset management and banking, finance, advisory and risk solutions across debt, equity and commodities. The bank will fund with Cairn Capital and Shawbrook.
Torpey promised that Bluestone will sustain its service to customers who are underserved by mainstream lenders, adding: “I believe our funding allows us to meet these borrowers’ growing needs.”