ArchOver today announces what it believes to be, at £1m, the biggest non property related working capital loan over the crowdfunding sector worldwide. The loan is for two years at 8.25 percent.
Angus Dent, ArchOver’s CEO said: ‘Against the scope of global company funding, we are conscious that £1m is a flea bite but it is around 15 times the average loan for the sector and we are seeing upward pressure beyond that sum. We believe that closing the loan represents a real step towards the sector beginning to provide serious finance for those SME companies that are the heart of the UK economy.’
The borrower is specialist building restoration company TRC Contracts, which has provided its services to many of the UK’s best known listed buildings, including the Savoy Hotel, Somerset House, Osborne House and Cliveden House Hotel. A major employer in its home town of Market Harborough, the company was founded in 1994 by David Gibson as a sole trader. TRC is now a successful and expanding business that needs working capital for growth.
David Gibson said: ‘ArchOver are a breath of fresh air. They are all small company people and totally understand the pressures on small growing businesses. We are pleased to be working with them.’
Read about it on AltFi here: http://www.altfi.com/article/1200_archover_ties_record_p2p_loan