ArchOver has said it has no plans to offer interest payment holidays but will provide other support to borrowers struggling to repay loans due to the coronavirus.
The peer-to-peer business lender has set out its strategy to manage its loanbook through the pandemic.
The platform said it was “early days” but its initial view is that many of its borrowers won’t be affected by the crisis but it said a handful are facing concerns.
“In these scenarios, we are working constantly with their respective management teams to devise a plan to support them as best we can over the next few weeks and months,” ArchOver said.
“Interestingly, no borrowers have requested an interest payment holiday and ArchOver has no current plans to offer one.”
Instead, ArchOver said it would consider loan extensions, partial facility amortisations, relaxing or delaying fees, freezing repayments, refinancing or assistance finding new lines of funding.
“Providing effective assistance to our borrowers is at the heart of what ArchOver does, and we will endeavour to provide tailored solutions to all, but with a particular focus on our at-risk borrowers throughout this difficult period, while not applying undue and potentially detrimental punitive measures,” ArchOver said.
“It is important to treat all customers fairly and to provide forbearance where possible, and especially vital not to be overzealous in trying to recover assets where other avenues are available.”
The lender said it was speaking with borrowers on a weekly basis.