22 Facts About Bluestone Group

Bluestone Group is a financial services and technology business with offices in the UK and Ireland.

Bluestone Group was established in 2000 in Australia as a specialist residential mortgage lender.

In 2002, Bluestone Group established residential lending operations in New Zealand, and in 2004, the business started work on a reverse mortgage unit, specialising in lending to retirees, many of whom are 'asset-rich, cash-poor'.

Bluestone Group was the first major non-bank reverse mortgage lender in Australia, and the first lender in Australia to offer a 'fixed for life' product so that borrowers were not exposed to long dated interest rate risk.

In late 2005, Bluestone Group concluded a major liquidity event, providing an opportunity for existing shareholders to sell down their stake or exit completely, and new investors to join.

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In 2024, Bluestone Group broadened its product suite further to include a small-ticket commercial product, lending to primarily self-employed borrowers secured on retail units, office blocks, small commercial buildings and the like.

Bluestone Group originated loans using shorter term warehouse funding, provided by Nomura International, Westpac and Barclays.

Bluestone Group was the first issuer in Australia to have transactions rated by all three major rating agencies, and bonds were sold to a mix of Australasian, Asian and European investors.

In 2003, Bluestone Group became the first lender to issue notes secured by mortgage backed bonds to retail investors in New Zealand.

In early 2007, Bluestone Group employed over 200 staff and was originating around A$100m per month of residential, commercial and reverse mortgage business.

Bluestone Group was one of the last lenders to access the Australian and NZ debt capital markets without government support in late 2007 and early 2008, placing approx.

Bluestone Group ceased new lending in May 2008, with the exception of further advances and re-draws to existing customers, and regular payments to its existing reverse mortgage customers.

Bluestone Group's servicing capabilities were rolled into Bluestone Group Asset Management, and these two divisions operated in tandem between 2009 and 2014, during the capital markets 'winter'.

Bluestone Group co-invested with a US alternative investment fund, Varde Partners to acquire the book, and in September 2008 established a servicing centre in Christchurch, NZ to manage the assets.

In September, 2011 Bluestone Group acquired Close Credit Management from Close Brothers, and re-branded the business Bluestone Group Credit Management.

Bluestone Group partnered with Varde Partners, a global investment fund to acquire the book.

Shortly afterwards, Bluestone opened a new office in the Zeullig building in downtown Manila to act as a shared services centre for other group offices.

Residential lending resumed in Australia in 2013, funded by a warehouse line from Macquarie Bank, and Bluestone Group started lending into the auto and equipment space in Ireland in 2014.

In 2015, Bluestone Group acquired Basinghall Finance, an FCA-regulated specialist mortgage originator and servicer originally established by WestLB and more recently managed by EAA, the German government's bad bank.

Bluestone Group launched asset finance lending in Ireland in early 2015, funded by a warehouse line with Macquarie, targeting the consumer and SME customers financing cars, light vehicles, and equipment.

On 26 February 2018, Bluestone Group announced the sale of its Australasian operations, including its Manila based call-centre, to funds managed by Cerberus Capital Management.

Around the same time, Bluestone Group moved its head office to the heart of Cambridge's construction and technology boom at One Station Square, Cambridge.