Macquarie Bank will take a major stake in the mortgage firm Bluestone Group.
The second tier lender will take a 17.5 per cent stake in Bluestone via the subscription of newly issued Ordinary shares.
The proceeds of the capital raising will be used to support Bluestone’s expansion in Europe, and build on its success in Australia and New Zealand.
Bluestone’s chairman Alistair Jeffery said the company was overwhelmed to have an institution with the “strength and flair of Macquarie” on side.
“In our view there are a wide range of attractive investment opportunities emerging in the wake of the global financial crisis, and this investment positions Bluestone to benefit from the diverse opportunities we are seeing,” Mr Jeffery said.
Bluestone Group was forced to stop originating non-conforming loans in September 2008 when the cost of funding became too high.
However, with Macquarie now taking a large stake in the business, there are whispers that Bluestone could resume lending to borrowers with tarred credit histories.
If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.
A former broker head has returned to MyState Bank to tackle turna...
The leading brokers in South Australia and the Northern Territory...
The complaints authority has named a new executive general manage...