Ireland’s Bluestone Asset Finance has raised €40m (£35m) through its fourth asset backed security issuance in the country.

The portfolio backing the securities is made up of 1,913 loan agreements originated over last year, secured against a mix of new and used motor vehicles and other commercial equipment.

Donald Murphy, Bluestone Ireland’s managing director, reported strong growth for the company last year, riding on the back of increased demand through its network of partner dealerships.

Murphy added: “The business continues to grow strongly with over 570 approved motor partner dealers and equipment brokers in place. In 2018, Bluestone will widen its offering with a new product designed to assist franchise dealers.”

He expected Bluestone to keep growing volumes in 2018, particularly in the used car segment, and added that additional funding lines had been put in place to meet demand.

Bluestone Asset Finance is part of the Bluestone group, operating across Ireland, the UK and Australia.