Call me cynical, but.... I really can get my head around the latest Archover loan service: “Esca**** Funding” - as revealed in today’s email. To me, this is nothing more or less than an unsecured loan to a particular borrower - and at a somewhat unattractive rate. What am I missing here?
Last Edit: Aug 11, 2021 18:50:38 GMT by Ton ⓉⓞⓃ: ao
ArchOver will be taking an All Asset Charge against C********* B******* S******** Limited (T/A Esca****).
The value of the security is primarily made up of the IP and operational/contractual relationships developed by the business as well as any contractual payments that may become due in ongoing ‘engaged casework’ contracted to the Esca**** professional parties.
As part of the security we have also taken additional written assurance of support from the three founding firms, made up of two large Solicitor firms and a large Accountancy firm to financially support the business over the term of the loan. More details of these firms can be found on the website.
Last Edit: Aug 11, 2021 18:51:46 GMT by Ton ⓉⓞⓃ: Redacting a T/A name
A further tranche is now available. One of the few borrowers on this platform which is showing profits. However I'm unsure of the real value of the "written assurance of support" from the borrower's founding firms...