The new funding comes as LiveMore looks to deliver more than £1bn in mortgage lending.
Later life mortgage specialist LiveMore has secured a credit facility of up to £250m from Citi.
Founded in 2020, LiveMore is on a mission to help customers over 50 have genuine control of their financial lives”, by offering a broad range of mortgages.
The new financing will allow LiveMore to increase loan originations and grow its portfolio as it tries to “reimagine” later-life mortgages.
“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,” LiveMore CEO Leon Diamond said.
According to LiveMore, the funding from Citi will support its product offering, including retirement interest-only mortgages and term mortgages, as well as a soon-to-be-launched equity release offering.
“LiveMore is on track to deliver over £1bn of mortgage lending to the 50 to 90+ age demographic in the coming years,” Diamond continued.
“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.”
The credit facility brings LiveMore’s total funding to nearly £600m.
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