Given all the comments on here over the past 18 months,

ozboy
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Mine's a Large One! (Snigger, snigger .......)

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Given all the comments on here over the past 18 months, Jul 7, 2018 19:16:49 GMT gaspilot and brianlom1 like this

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Post by ozboy on Jul 7, 2018 19:16:49 GMT

and Lendy's undoubted awareness of the questionable accuracy of "Professional" RICS valuations, I am totally floored by the following quote:-

"Lendy says one of the keys to its success has been the level of due diligence it carries out, such as its property valuations are always carried out by RICS registered property valuers.

SOURCE: www.mortgagefinancegazette.com/lending-news/peer-to-peer-lending/p2p-platform-lendy-tops-400m-funding-05-07-2018/

Last Edit: Jul 7, 2018 19:20:35 GMT by ozboy

charlata

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Given all the comments on here over the past 18 months, Jul 8, 2018 7:51:11 GMT r00lish67, mattygroves, and 4 more like this

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Post by charlata on Jul 8, 2018 7:51:11 GMT

The Lendy reference to RICS seems fine to me. It's true that there has been a lot of criticism of RICS valuations on here, but the bulk of it comes from a handful of posters.

The rest of us perhaps better appreciate that a RICS valuation is just a crude calculation subject to a whole pile of caveats and assumptions. A RICS LTV gives very little idea of what an unusual property or a part-complete development will fetch if it has to be sold at auction. Nor is it intended to. If it was really possible to lend money at 30% IRR, against security that was worth 50% more than the loan capital, we'd all be millionaires.

agent69
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Given all the comments on here over the past 18 months, Jul 8, 2018 8:45:20 GMT ozboy likes this

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Post by agent69 on Jul 8, 2018 8:45:20 GMT

Jul 7, 2018 19:24:54 GMT loadsamoney said:

A bunch of little boys lost in big men's shirts who think there is a magic money tree,

The problem is that there is a money tree, and what makes it really good from the platforms perspective is that all the money hanging on it belongs to somebody else.

I got out of Lendy by good fortune when I carried out a strategic review of my finances following the brexit vote a couple of years ago, and have no plan to return. I have the utmost respect for those who continue to invest there, solely on the basis that they can separate the wheat from the chaff (and there's an awful lot of chaff about). However, I get the feeling that some people are almost happy to invest in poorly performing loans, just so they can have a good moan.