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Post by Deleted on Dec 13, 2018 10:42:35 GMT
ArchOver was recently reviewed by Moorfields, a specialist advisory firm with a combined 70+ years’ experience of advising banks, lenders and other financial institutions on all areas of risk management. ArchOver was identified as having a strong credit culture compared with other P2P lenders. Moorfields was engaged to review ArchOver’s credit processes and procedures, including but not limited to: New lending and client onboarding Monitoring of existing loan portfolio Procedures for additional lending to existing borrowers Default and recovery procedures Read the Moorfields Summary If you would like to read Moorfield's review, please click here. ArchOver intends to continue having independent reviews carried out on a regular basis in order to ensure we maintain and develop our credit procedures. Kind Regards, ArchOver Lender Team |
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Steerpike
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Post by Steerpike on Dec 14, 2018 19:08:50 GMT
This seems to be good practice and reassuring for lenders to know that there is independent review and audit of Archover's processes.
Lenders may also be conducting their own review over the next few months perhaps focusing on recoveries for recent NPLs for example #6261 (17% to date) and #5195 (0% to date).
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Post by dharm999 on Dec 30, 2018 21:12:37 GMT
It doesnt say much does it? Short of any significant detail, improvements suggested, but don't tell us what, why bother really?
i have reduced my exposure to Archover, as I have doubts about their DD process. Just look at the current proposal from P******* B******* C ***** - the financials show a loss of over 700k for 2018, over 1.4m worse than they previously forecasted, with no explanation of why? I won't be investing in this one.
Or look at the proposal for E**** F***, the financials are forecasting an increase in turnover of nearly 2m, but only a small increase in profit of c25k, which is completely at odds with the words in the proposal. The proposal says they want the funds to buy equipment so they can improve margins, but the financials show a worsening net profit margin, with no explanation of why? Why not tell us the reasons for this, as the numbers don't make sense? Have Archover even asked the question, if so, what was the answer?
i had confidence in them, but have little left now. I will continue to reduce my exposure, and be more selective about the companies I continue to invest in
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DeafEater
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Post by DeafEater on Jan 4, 2019 16:37:06 GMT
Just look at the current proposal from P******* B******* C ***** - the financials show a loss of over 700k for 2018, over 1.4m worse than they previously forecasted, with no explanation of why? I won't be investing in this one. Yes I'm in the project this one is supposed to be refinancing. The new loan was originally set at 400k (the same as the original loan) but at some point during the funding of the new one, Archover changed the amount to 300k and it now claims to be fully funded. Note that although they changed the loan amount figure to 300k, the textual description of the loan still includes the sentence: so I really don't know what's going on. I certainly haven't been tempted to roll over my investment.
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archie
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Post by archie on Jan 4, 2019 17:49:45 GMT
Just look at the current proposal from P******* B******* C ***** - the financials show a loss of over 700k for 2018, over 1.4m worse than they previously forecasted, with no explanation of why? I won't be investing in this one. Yes I'm in the project this one is supposed to be refinancing. The new loan was originally set at 400k (the same as the original loan) but at some point during the funding of the new one, Archover changed the amount to 300k and it now claims to be fully funded. Note that although they changed the loan amount figure to 300k, the textual description of the loan still includes the sentence: so I really don't know what's going on. I certainly haven't been tempted to roll over my investment.
They split it, one loan for £301k and a further loan for 99k to be listed next week.
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DeafEater
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Post by DeafEater on Jan 5, 2019 23:35:19 GMT
Ah thanks archie, I wasn't aware of that. I hope funding the remaining 99k goes well and I get out of this one with my shirt. I have rather too many P2P loans with various providers that are not looking too rosy at the moment. |
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Post by dharm999 on Jan 6, 2019 12:05:12 GMT
I am now very cautious about the new loans I invest in, having been decidedly gung-ho The company has to be profitable, the financials have to make sense, and there has to be a coherent story. I am now probably only investing in 1 in 10 at most now.
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Post by stevepn on Jun 28, 2019 16:24:06 GMT
I had quite a sum of money invested in Archover and have been very fortunate not to have lost any money but with these three losses I have been letting my investments run down. I have two remaining investments to ride out then I will say goodbye to Archover. My main reason for investing in Archover was there record of no money for lenders lost. Come September all my money should be returned and trust me that day cannot come quick enough. Hopefully there will be good news from these defaults but I think reality will differ from that.
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mary
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Post by mary on Jun 28, 2019 17:54:44 GMT
I had quite a sum of money invested in Archover and have been very fortunate not to have lost any money but with these three losses I have been letting my investments run down. I have two remaining investments to ride out then I will say goodbye to Archover. My main reason for investing in Archover was there record of no money for lenders lost. Come September all my money should be returned and trust me that day cannot come quick enough. Hopefully there will be good news from these defaults but I think reality will differ from that.
I am looking at at substancial potential loss against my total ArchOver investment. The main issue was my fault in not understanding the “Insured” part properly and letting my exposure to one Borrower become too big a part of my portfolio, while avoiding the higher interest loans in the mistaken belief investments were “Insured” fully - my fault. That said, ArchOver have, so far, proven to be the best at communicating their vigorous actions to attempt recovery. But legal processes take a lot of time, so I have paused further investments awaiting the outcome of the defaults. If successful I will certainly reinvest. Fortunately, ArchOver was only a smaller part of my overall portfolio. Key learning Diversify by Platform AND Borrower!
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p2pfan
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Post by p2pfan on Jul 9, 2019 1:01:25 GMT
ArchOver was recently reviewed by Moorfields, a specialist advisory firm with a combined 70+ years’ experience of advising banks, lenders and other financial institutions on all areas of risk management. ArchOver was identified as having a strong credit culture compared with other P2P lenders. Moorfields was engaged to review ArchOver’s credit processes and procedures, including but not limited to: New lending and client onboarding Monitoring of existing loan portfolio Procedures for additional lending to existing borrowers Default and recovery procedures Read the Moorfields Summary If you would like to read Moorfield's review, please click here. ArchOver intends to continue having independent reviews carried out on a regular basis in order to ensure we maintain and develop our credit procedures. Kind Regards, ArchOver Lender Team It's wonderful that ArchOver have had an independent review carried out and hats off to you for that. But that has to be the pithiest audit report I've ever come across in my life.
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Post by Deleted on Jul 9, 2019 12:35:09 GMT
Hi p2pfan,
We really value the work done by Moorfields in reviewing our processes. The full report which Moorfields compiled is actually over 30 pages long, however as the report was comissioned for internal purposes we cannot publish it all for confidentiality reasons. The reality is that companies like Moorfields that prepare these reports are for their commercial clients. They do not carry the permissions/insurances etc. to have these reports shared out to retail investors. We therefore asked them to provide a summary that we could share with our investors and they were able to oblige on this point.
Kind regards,
Charlie
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