LiveMore secures up to £250m funding facility from Citi
LiveMore Capital has secured a credit facility of up to £250m from Citi taking total funding raised by the lender since inception to nearly £600m.
Set up in 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.
Citi’s funding will also help LiveMore on the next steps in its journey to ‘reimagine later-life mortgages and mobilise the wider financial services industry towards fairer, more holistic lending practices to borrowers aged 50 to 90+’.
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.
The expanded product offering and financing facility will enable LiveMore to grow as a solutions driven lender. It will continue to strive to provide the right outcome for older customers and allow borrowers to stay in their homes for longer.
Leon Diamond, CEO of LiveMore, commented: “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.”