UK mortgage lender LiveMore bags £250m credit facility from Citi
UK-based mortgage lender LiveMore Capital has secured a credit facility of up to £250 million from banking heavyweight Citi, taking its total funding raised to date to nearly £600 million.
The company says the new funding facility will enable it to increase loan originations and grow its portfolio as it looks to accelerate its growth. It also plans to expand its product offerings to include retirement interest-only mortgages, term mortgages (both interest-only and repayment) and equity release offerings.
Launched in 2020 and regulated by the UK’s Financial Conduct Authority (FCA), LiveMore offers mortgage solutions for the “often forgotten” 50 to 90+ age group. It says it aims to “provide the right outcome for older customers and allow borrowers to stay in their homes for longer”.
“LiveMore is on track to deliver over £1 billion of mortgage lending to the 50 to 90+ age demographic in the coming years,” says CEO Leon Diamond.
“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.”