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Non-conforming lender Bluestone today announced that it had successfully concluded a renewal discussion with Westpac, guaranteeing a $500 million warehouse facility for the next 12 months.
“Westpac is standing firmly behind us and doing a great job,” Bluestone chairman Alistair Jeffery told Mortgage Business.
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Only last week Bluestone announced “material reductions” to its origination in light of the deterioration of global credit markets as well as a number of redundancies as the business downsized in line with volume expectations for the year ahead.
But Mr Jeffery said Bluestone is still active in residential non-conforming lending and will continue to offer loans via the third-party channel.
“We’ll be transparent and candid with our partners. The days of 95% LVR credit impaired loans are long gone. However there’s a market for moderate risk 80 to a maximum of 85 per cent LVR loans of under $1 million for the moderately credit impaired,” Mr Jeffery said.
Published: 19-03-08
