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.”
“We’ve enabled more than 750 Irish customers to release equity from their homes – for a range of purposes including home and lifestyle improvements, a cash fund for emergencies, repaying a mortgage, or providing a gift to their family.
“Our arrangement with Canada Life Reinsurance supports our ambition to grow the Spry Finance business in Ireland and develop the Irish market for lifetime loans, inspired by growth in other markets such as the UK.” (1)
Jeff Poulin, CEO of Canada Life Reinsurance, said: “We are delighted to finalise our long-term funding arrangement with Spry Finance. The scale of this investment demonstrates Canada Life Reinsurance’s commitment to our relationship with Spry Finance and our confidence in the Irish market.”
(1) Equity Release Council Market Report Spring 2022 https://www.equityreleasecouncil.com/wp-content/uploads/2022/03/Equity-Release-Council-Spring-2022-Market-Report.pdf