daveb4
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Post by daveb4 on May 11, 2018 18:47:42 GMT
'Discussions with RICS' sounds interesting and definitely hopefull that we hear a response directly from RICS.
For years working for a commercial bank, obtaining an out of court payment from a valuer who did a survey on my house and three years with P2P, RICS have a lot to answer for. I am constantly told that so much of the valuation fee covers 'RICS insurance' not sure any of that insurance ever pays out!
If one thing happens in the fortnightly BS, if RICS are at least challenged with examples I hope some of the valuers are struck off lists and they get scarred, more care then will be taken from valuers.
One slight problem is if this follows through valuations will be lower and it will be tougher for businesses to borrow.
I stress I am hopeful and not sure valuers will ever change and will not be held responsible and RICS will continue to be a professional organisation.
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mary
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Post by mary on May 11, 2018 18:50:18 GMT
Am I mistaken, but I thought this was a bi-weekly FULL loan book update.
Seems to me ~20 loans have been (deliberately) missed, like...
PLB157 - yeah, this is on the market, but no offers at this price for this ugly "chateaux".
PLB158 - ditto, minus the "chateaux" bit.
PLB156 - this formally defaults next week, but we have no idea how to cover up the hole we dug you all into here, so we'll just ignore it for now and hope no one notices!
I could go on..., or as Trump would conclude "sad".
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michaelc
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Say No To T.D.S.
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Post by michaelc on May 11, 2018 19:22:04 GMT
I'm not happy with a lot of things generally, but this update did contain two positives:
First, they explicitly mention this forum despite the many scathing comments posted here. It shows some willingness to discuss and address the issues.
Second, the mention of meetings with RICS is interesting. Whilst RICS may be at some fault my understanding of the core issue is that a borrower typically obtains a loan through a broker. That broker will put a lot of work to particular valuers who are known to them to portray the security in as good a light as possible and stretch the valuation as high as possible. Then some platforms (I have no proof Lendy do this but suspect it) essentially provide a portal to showcase the borrower's security using the valuation supplied by the broker who is effectively acting on behalf of the borrower. i.e. The valuation we see is typically _not_ independent. The solution is for the platform to always use their own valuers who over time might become trusted by platform and lenders alike.
That all said, RICs probably do have a part to play and it will be interesting to here their take on it.
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GeorgeT
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Post by GeorgeT on May 11, 2018 19:40:21 GMT
" While capital is always at risk with any type of investing, our aim is to provide our clients with a high income and to do everything we can to protect their capital. While we have a good track record in this regard, buying, selling and investing in property is not plain sailing, as any home owner will testify. It is partly for this reason that we are able to offer such high returns. One of the current issues affecting many lenders is the quality of some property valuations. It’s for this reason that we ensure every investment project we offer on the platform has been valued by a Royal Institute of Chartered Surveyors’ (RICS) member. RICS members have to meet the highest international standards set by the global professional body, in the standards in the valuation, management and development of land, real estate, construction and infrastructure. As we have seen some properties disposed of below their valuation recently, we have raised our concerns directly with RICS, who appreciate the problem and have agreed to do more to enforce adherence of the body's high standards on their members. Our discussions with RICS are ongoing and we'll provide an update on this over coming months." So that ok then, you've asked the self regulatory body to get their own house in order! Not likely to happen unless you successfully sue some (all) of the hugely inaccurate valuations and win. Shame they can't even get the name of the regulatory body right. It's the Royal Institution of Chartered Surveyors and not Institute. That's a schoolboy error that is an instant fail for people going to final assessment and trying to become qualified in the profession. It may seem trivial but it's the sort of detail that a business advertising itself as "the property platform" ought to be able to get right.
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zlb
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Post by zlb on May 11, 2018 21:24:50 GMT
I started reading the RICS paragraph and anticipated some action... But no.
Should there be a standard outcome from a discussion with RICS?
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dovap
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Post by dovap on May 11, 2018 22:17:53 GMT
blimey people actually believe ('cept hazel obv) that those winging it at lendy have spoken to the chancers at RICS and they've said fair cop guv, must do better
ho hum
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Post by charliebrown on May 11, 2018 23:38:16 GMT
Lendy’s loan book now looks like a veritable house of horrors. Most loans are IA/suspended/defaulted/under legal or are sliding that way. LY seem weak and powerless to do much other than tell us they’re “working tirelessly” and they’re “hopeful” and all the other BS which shows they are lost. It pains me to say it as I stand to lose an awful lot of money but I really can’t see where the platform is heading, it already feels like a dead man walking. Let’s hope the new COO can improve matters. I’ve personally decided not to invest another penny in LY and my hope is that I can get some of my money back this century and limit my damages.
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invester
P2P Blogger
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Post by invester on May 25, 2018 16:29:52 GMT
It's almost as if this is the last thing they do before locking up on a Friday night.
Putting it out on Friday morning might mean more phonecalls to deal with.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 25, 2018 17:46:17 GMT
I don't recall it ever being as late as this. Have they all gone to the boozer ? Got delayed recording the podcast & dolling out prizes 😀
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cwah
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Post by cwah on May 25, 2018 18:30:01 GMT
Did they stop the BS? No more update?
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rocky1
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Post by rocky1 on May 28, 2018 9:05:53 GMT
nothing was mentioned about the pipline situation. do lendy have any new loans coming soon or has that dried up as well.a few new PBLs with sensible valuations/etc could bring in some new funds.funding the exsisting big loan book with tranche after tranche after extension and delay with extension to fund the previous tranches is wearing very thin now with a lot of lenders.
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trevor
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Post by trevor on May 28, 2018 9:11:57 GMT
Personally I would rather no new loans were brought to this platform so that the tranches of current loans get filled, the DFL completes and the loan repays. I am refusing to fund anymore of my cash to L until some loans repay, especially DFL05.
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rocky1
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Post by rocky1 on May 28, 2018 13:56:27 GMT
completely understand what your saying here. but i also have/will not fund any more tranches of any of these DFLs as i already have many £000s already in all of them from when they were first brought to the platform.lendy need then to make the most of cowes week and pull in a lot more lenders to fund these never ending loans.
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Balder
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Post by Balder on Jun 8, 2018 16:19:40 GMT
Last time I looked we were in June.
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Steerpike
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Post by Steerpike on Jun 8, 2018 16:30:12 GMT
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