ArchOver set for record year of lending

Total lending on the peer-to-peer platform since January 2017 has reached £21.39m, bringing the cumulative total lent to date to over £48m and is set for a record year.

ArchOver has also announced it has more than doubled the number of investors on its platform in less than 10 months.

 “Looking back over the last three years, we have seen a huge spike in demand for P2P,” said Angus Dent, CEO of ArchOver (pictured above).

“On one hand, investors and savers are recognising that they need to make their money work harder.

“This means taking their funds out of low-interest environments to gain greater returns.

“On the other hand, we’ve also seen a growing awareness among borrowers that there are alternatives to traditional lending and P2P can provide the funds to take businesses forward and support growth.”

There are currently 624 investors using the platform, up from 304 at the end of December 2016.

The number of loans funded using the business lending platform has now surpassed 200.

ArchOver has begun facilitating loans of higher value with UK SMEs – providing a series of loans to Prospect Business Centres Limited (£3.1m in total) and Duradiamond Healthcare Ltd (£3.3m).

Prospect Business Centres used the funds for its London property portfolio, while Duradiamond grew its business with the finance.

Both companies used ArchOver’s two main lending models: ‘secured and insured’ and ‘secured and assigned’.

Angus added: “Ultimately, we want to become an important partner in their growth so we can advance business borrowing for the better.

“At the same time, we want to ensure that lender security is a priority so we can offer a rate of return that’s higher than expected given the level of security.

“We are confident that this approach will allow us to continue growing successfully and support us in our move towards achieving profitability.”