Non-conforming lender Bluestone has completed its second issue of residential mortgage-backed securities for the year, bringing its RMBS funding for 2016 to A$400 million.It raised $200 million through the latest issue, Sapphire XV Series 2016-2.Bluestone will pay a margin of 165 basis points on the $140 million of A1 notes, which have a weighted average life of 2.3 years.Pricing on the $22 million of A2 notes, which have a WAL of 2.3 years, was 230 bps over the bank bill swap rate.Pricing on the B, C, D and E notes, which raised a total of $29.4 million, was not disclosed.Pricing on the $3 million of F notes, which have a WAL of 3.4 years, was 765 bps over the swap rate and pricing of the $2 million of G notes, which have a WAL of 3.5 years, was 1400 bps over swap.A fixed-rate tranche ($5 million of X1 notes) was priced at 12 per cent.Bluestone returned to the "specialist" lending market in Australia in 2013 and has reported triple-digit loan growth since then. It claims a ten per cent share of the non-conforming market.The pricing of the issue sits between other recent non-conforming RMBS deals. Pepper paid a margin of 149 bps on the senior Australian dollar notes of an $800 million issue last month, while La Trobe paid a margin of 175 bps on the senior notes of a $250 million issue, also last month.