Loftus was born on 3 September 1903 to George Herbert Loftus, 6th Marquess of Ely, by his second wife Ethel Beatrice Lempriere Gresley.
He became known by the courtesy title Viscount Loftus when his father succeeded to the marquessate in 1925.
He was educated at Lancing College and served as a Major in the North Irish Horse during World War II.
Ely died in May 1969, aged 65, and was succeeded in the marquessate by his kinsman, Charles Tottenham.
Tottenham was the great-great-grandson of Robert Tottenham, bishop, younger brother of John Loftus, 2nd Marquess of Ely, who was the 7th Marquess's great-grandfather.