Bluestone Hits New Milestone With $2 Billion In Settlements
Just one year after the settlement of our first $1 billion since re-entering the market in 2013, we are excited to celebrate $2 billion in settlements.
Today we’re excited to announce a new milestone in its growth trajectory, having achieved $2 billion in settlements since re-entering the market in 2013. The milestone was achieved in just over 12 months after celebrating the settlement of our first $1 billion, endorsing the strategy of the business following our entry into the near prime market.
A number of internal and external factors have enabled Bluestone’s rapid growth. Following our acquisition by Cerberus Capital Management in April 2018, it gave the business access to new capital which meant we were able to broaden our offering and reduce rates, allowing access to a broader consumer market. We 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.
Externally, 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. 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 deal, they just need a little bit of personal attention to fully understand their situation. Non-banks like Bluestone provide that.
Looking ahead, we expect continued growth in the new year, with strong growth targets and strategic plans for product and process innovations.