ArchOver has announced topping £20 million in lending. ArchOver is supported by Hampden Group, a financial firm that manages insurance assets and is, in fact, the largest members’ agency at Lloyd’s. Hampden is both an investor in ArchOver the company and an active investor over the ArchOver platform. Archover is a secured business lender that targest loans from £100,000 to £3 million. The alternative lender states, “we have ambitious plans for growth” going forward.
CEO Angus Dent released a comment on the platform milestone;
“Naturally we are pleased at reaching £20m because it confirms that our unique ‘Secured and Insured’ business model can withstand the challenges of the market place in even the most difficult times. SME borrowers have been understandably cautious because of the uncertainty created by the Brexit vote, but confidence is slowly returning and our loyal core lenders have been willing to step up to the plate to meet demand. This is the best way to answer critics of the alternative finance sector, particularly since our business model prevents us from lowering lending criteria even if we were tempted to go down that path. Good quality borrowers will always be able to find the finance they require if they know where to look and lenders, faced with the prospect of even lower returns from traditional deposits, will be even keener to secure decent returns on their money in return for an acceptable level of risk. The market is working, despite the criticism and best efforts of the detractors to knock it off course.”