Spry Finance enters into €100m, long-term funding arrangement with Canada Life Reinsurance
Deal refinances existing loan book and provides for future loan pipeline
Spry Finance, the Irish-owned provider of lifetime loans to those aged 60 and over, has agreed a long-term funding arrangement with Canada Life Reinsurance which will re-finance its existing loan book and provide funding of up to €100m for future lending.
Spry Finance, the retail arm of Seniors Money Ireland and the only provider of lifetime loans in the Irish market, has enjoyed considerable success since its relaunch in 2021 and the new funding agreement is a signal validation of its strategy and a firm underpinning of its business model for the future.
John Moriarty, Director and spokesperson for Spry Finance, said: “Spry is a customer-focused company, providing older Irish people (60+) with real options for living longer, better. A lifetime loan allows them to release value in their home – without having to sell it or move out – by borrowing a lump sum secured on the property.”