Business lender ArchOver has introduced a five-day ‘cooling off’ period for its investors, following any new investment pledge that they make.
Following a months-long consultation with investors, the platform has amended its terms and conditions to allow lenders to change their mind up to five days after pledging their support for a project.
“A number of months ago, we reached out to hear your opinion on ArchOver’s cooling-off period,” said the ArchOver lender team, in an email to investors.
“We were thrilled by the number of responses we received, and the really helpful feedback provided by so many of you.
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“It was clear from your messages that while you valued having time to consider your investment decisions, you were conscious of the delays caused in actually getting projects live, and subsequently earning interest in a timely manner.”
As a result of the consultation, ArchOver has introduced the cooling-off period to provide investors with “adequate time to reflect on your pledge choices, while ensuring that your capital is not sitting unnecessarily idle.”
Investors will only start earning interest once the relevant project has drawn down, in line with the platform’s existing terms and conditions.