ArchOver has altered its loan categories to make them easier to understand for investors.
The peer-to-peer business lender previously listed loans under the categories “secured and insured,” “secured and assigned” and “research and development (R&D) advance,” but has now refreshed its website with new descriptions.
All loans backed by security are now listed under the banner of “secured”.
The platform said this would hopefully be less confusing for investors.
Its R&D advance product has been renamed “advances,” after ArchOver said it had “become a catch-all term for a variety of different types of unsecured advances.”
ArchOver’s original “secured and insured” model facilitates fixed-term loans secured on companies’ accounts receivable, which are then insured by ArchOver’s credit insurance and debt recovery partner.
Conversely, the “secured and assigned” finance model allows it to arrange loans secured against the borrower’s future contracted revenue, with ArchOver taking assignment of all recurring contracts.
The R&D product let businesses that can show they are claiming R&D tax credits from HMRC secure a loan against this commitment.
ArchOver has set up a legacy page where investors can still read the older descriptions.