LiveMore Capital has secured a credit facility of up to £250m from Citi taking the total funding raised by the lender since inception to nearly £600m.
Set up in 2020 as a mortgage lender to support the 50 to 90+ age segment, this new financing will enable LiveMore to increase loan originations and grow its portfolio.
This credit facility will support LiveMore’s expanded product offering including retirement interest-only mortgages, term mortgages (both interest-only and repayment) as well as the soon-to-be-launched equity release offering.
Leon Diamond (pictured), CEO of LiveMore, said: “We are thrilled to receive this credit facility from Citi, which will support our growth and expanded product offering, so we can continue to serve the often forgotten 50 to 90+ segment of the market. As a result, we can help mobilise the industry around our mission to help 50 to 90+ year-old customers have genuine control of their financial lives.”
“LiveMore is on track to deliver over £1bn of mortgage lending to the 50 to 90+ age demographic in the coming years. We have listened to the regulators and our customers, and with the support of this credit facility, we can continue to provide options for later life borrowers underserved by high street lenders.”
