Later life lending: Livemore secures £250m from Citi as it aims to hit £1bn in mortgage lending
Livemore, a later life mortgage specialist, has secured a credit facility of up to £250m from Wall Street lender Citi as it seeks to hit £1bn in mortgage lending.
“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,” Leon Diamond, Livemore chief executive, said today.
The facility will be used to support the company’s expanded product offering, such as retirement interest-only mortgages, term mortgages and a soon-to-be-released equity offering.
It brings the total amount of funding Livemore has received to nearly £600m.
Livemore was established in 2020 to support the older borrowers, which it says are underserved by high street lenders.
The later life mortgage market is growing in importance as people work and live longer. A study released by Key Group with AKG Financial Analytics in June last year suggested that the UK market for later life lending was worth approximately £153.9bn at the end of 2021.