Archover‘s first loan ever has been paid back in full. The SME lender said the 24 month loan for £100,000 to TruTac Limited has successfully cleared the books. Terry Ramsey, TruTac’s managing director, labeled the entire process hassle free.
“Although having our first ever loan successfully repaid is a very satisfactory outcome for us, it also serves to illustrate just how well peer-to-peer business lending can work for ambitious SMEs trying to grow their businesses in a challenging economic environment. Here was a profitable, established business founded in 1994 that was being hit by punitive charges for finance and just needed a helping hand. We were able to provide a lending service that was quick, transparent and on terms that enhanced their bottom line. TruTac has subsequently grown by around 70%,” said Angus Dent, ArchOver CEO. “The fact that the 24 months has passed without incident, any arrears and not a single late payment bears testimony to the quality of ArchOver’s due diligence processes and underpins our ‘Secured and Insured’ proposition. It also goes some way towards answering those who criticise the sector for lax credit standards and failure to monitor outstanding loans, both of which we pride ourselves on. In the meantime, we have also been able to provide our lenders with what we believe to be a decent rate of return on their money.”