LiveMore Capital has confirmed that it has secured a credit facility from Citi of up to £250m.
This takes the total funding raised by the lender since inception to an estimated £600m.
Set up in in 2020 as a mortgage lender to support the 50 to 90+ age segment, LiveMore said the new financing will enable the lender to increase loan originations and grow its portfolio.
Citi’s credit facility will support LiveMore’s recently expanded product offering, which includes retirement interest-only mortgages, term mortgages and its equity release offering, which the lender expects to launch soon
LiveMore CEO, Leon Diamond, 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.”
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