A non-bank lender has reached $2billion in settlements since it re-entered the market in 2013, just one year after it reached its first $1billion.
Bluestone said the move endorsed its business strategy after its entry into the near prime market which it announced in April.
Speaking about the growth of the business, CEO of Bluestone, Campbell Smyth, said, “A number of internal and external factors have enabled Bluestone’s rapid growth.
“Following its acquisition by Cerberus Capital Management in April 2018, it gave the business access to new capital which meant the business was able to broaden its offering and reduce rates allowing access to a broader consumer market.
“It also invested heavily in staff growth and improvements of systems and processes, which has increased efficiency and enabled smoother workflows.
“Our staff are our greatest asset, and our recent achievement would not have been possible without a highly-skilled, engaged and enthusiastic team.
“From our BDMs constantly on the road forging relationships, to our lending team making sure every loan is assessed with care, we are committed to providing the best value proposition in the market for our broker partners and a great experience for their customers.”
The group said that market volatility and decreased risk appetite by major lenders in response to the royal commission meant non-banks were able to move up the credit curve, collecting customers who previously would have had no trouble borrowing from majors.
Royden D’Vaz, national head of sales and marketing said, “The non-bank proposition has become increasingly attractive to many borrowers recently, as our individual approach to credit assessment means we can facilitate loans that don’t fit into the cookie-cutter approach of the big banks with their credit scorecards.
“Most of these borrowers don’t pose any more risk than your average vanilla deal, they just need a little bit of personal attention to fully understand their situation. Non-banks like Bluestone provide that.”
Looking ahead, Bluestone expects continued growth in the new year, with strong growth targets and strategic plans for product and process innovations.
