Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jul 8, 2019 9:42:52 GMT
The valuations were made by independent RICS accredited individuals and no matter what the conspiracy theorists think there is NO evidence there was any interference in their valuations. i dont believe i ever inferred that, i guess i was just too trusting in the various parties concerned Yes when it comes to P2P we should all have a sceptical outlook without it affecting our base beliefs. 
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Post by queenvictoria on Jul 8, 2019 11:32:52 GMT
Godanubis. I have no hard information to go on so I am not making allegations here. The valuations do appear to be consistently poor don't they? Is there not evidence of a pattern of poor valuations even if it is too early to say what was driving the pattern? Correct me if I am wrong. Thanks Not getting at you just the general moaners. You are correct Valuations in most P2P do seem not to be in keeping with eventual sales. This might be an inability of valuers to grasp the current and future market trends.
Nothing would be lost if their valuations were kept to the conservative side and only robust projects would get the funding required. It is like Tax credits I don't think Tax payers should pay credits to poorer workers to subsidise an otherwise unviable business. There should be a decent minimim wage and only businesses that can be viable with that should be set up.
Thanks for your concidered comments and posts.
Thanks and thanks too for all your hard work on our behalf
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bramhall17
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Post by bramhall17 on Jul 8, 2019 13:28:04 GMT
I didn't think that anybody was trying to make the specific argument that RICS members were being unduly influenced by Lendy to give higher valuations which would have a positive impact on up-front fees etc. These were in essence a collection of individual valuations. However, there are clearly some valuations that are questionable and should be tested and pursued as appropriate.
Valuations were the mainspring of LTV which many investors felt gave them a capital buffer.However without full disclosure of the RICS reports and any conditions or qualifications attached, it is difficult to determine liability . If they were qualified to the extent that this had a potential material bearing on the project value then then any lack of full disclosure could potentially loop back into the mis-selling arena and would revert probably back to Lendy. It will be interesting to see how this all plays out but I would guess that for final valuations, halted development loans are more problematic to evaluate than anything else.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Jul 8, 2019 17:35:26 GMT
I didn't think that anybody was trying to make the specific argument that RICS members were being unduly influenced by Lendy to give higher valuations which would have a positive impact on up-front fees etc. These were in essence a collection of individual valuations. However, there are clearly some valuations that are questionable and should be tested and pursued as appropriate. Valuations were the mainspring of LTV which many investors felt gave them a capital buffer.However without full disclosure of the RICS reports and any conditions or qualifications attached, it is difficult to determine liability . If they were qualified to the extent that this had a potential material bearing on the project value then then any lack of full disclosure could potentially loop back into the mis-selling arena and would revert probably back to Lendy. It will be interesting to see how this all plays out but I would guess that for final valuations, halted development loans are more problematic to evaluate than anything else. It might be useful for lenders to just let RISC know that there is a growing perception that some their members may be tainting the whole profession giving them a unwarranted description usually reserved for dodgy used care salesmen and double glazing salesmen
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Post by rooster on Jul 8, 2019 21:23:38 GMT
The valuations were made by independent RICS accredited individuals and no matter what the conspiracy theorists think there is NO evidence there was any interference in their valuations. i dont believe i ever inferred that, i guess i was just too trusting in the various parties concerned You and me both, I guess I thought that 'accreditation' sounded valuable. Then again, I suppose I also thought that about 'conduct authority' 
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Post by rooster on Jul 8, 2019 21:30:46 GMT
I didn't think that anybody was trying to make the specific argument that RICS members were being unduly influenced by Lendy to give higher valuations which would have a positive impact on up-front fees etc. These were in essence a collection of individual valuations. However, there are clearly some valuations that are questionable and should be tested and pursued as appropriate. Valuations were the mainspring of LTV which many investors felt gave them a capital buffer.However without full disclosure of the RICS reports and any conditions or qualifications attached, it is difficult to determine liability . If they were qualified to the extent that this had a potential material bearing on the project value then then any lack of full disclosure could potentially loop back into the mis-selling arena and would revert probably back to Lendy. It will be interesting to see how this all plays out but I would guess that for final valuations, halted development loans are more problematic to evaluate than anything else. It might be useful for lenders to just let RISC know that there is a growing perception that some their members may be tainting the whole profession giving them a unwarranted description usually reserved for dodgy used care salesmen and double glazing salesmen That made me laugh but that aside, RICS knowing that their reputations is guttered won't be 'useful' to me anymore. What would be useful to me would be a nice big fat cheque 
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TenKay
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Post by TenKay on Jul 9, 2019 7:13:03 GMT
Godanubis. I have no hard information to go on so I am not making allegations here. The valuations do appear to be consistently poor don't they? Is there not evidence of a pattern of poor valuations even if it is too early to say what was driving the pattern? Correct me if I am wrong. Thanks Not getting at you just the general moaners. You are correct Valuations in most P2P do seem not to be in keeping with eventual sales. This might be an inability of valuers to grasp the current and future market trends.
Nothing would be lost if their valuations were kept to the conservative side and only robust projects would get the funding required. It is like Tax credits I don't think Tax payers should pay credits to poorer workers to subsidise an otherwise unviable business. There should be a decent minimim wage and only businesses that can be viable with that should be set up.
Thanks for your concidered comments and posts.
wasn't there one property that was valued around 20 million, yet was worth around 7 million ?
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registerme
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Post by registerme on Jul 10, 2019 10:32:53 GMT
IT would benefit everyone if such a rescue can take place. I'm not sure if it's as simple as that. For instance it might depend on what price they were willing to pay for the loan book and / or what they would do wrt to Lendy's outstanding debts.
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bramhall17
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Post by bramhall17 on Jul 10, 2019 11:20:47 GMT
You often get 'low ball' opportunistic offers in distress situations. I'd rather RSM fully assess what they have got and proceed from there. They seem to be looking to maximise returns to creditors/lenders which would not necessarily be the motivation of such block buyers. I've seen commercial situations before where other parties put in bids and then use due diligence to pivot around them.
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Greenwood2
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Post by Greenwood2 on Jul 10, 2019 11:42:34 GMT
IT would benefit everyone if such a rescue can take place. I'm not sure if it's as simple as that. For instance it might depend on what price they were willing to pay for the loan book and / or what they would do wrt to Lendy's outstanding debts. Not so much a rescue, I would expect it would be more like a mugging.
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agent69
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Post by agent69 on Jul 10, 2019 12:13:43 GMT
LENDY’S administrator has received offers to buy the collapsed peer-to-peer lender, but has not yet decided on the best course of action. I guess the more cynical investors ( ozboy are your ears burning) might think it is not in the administrator's interest to sell as a going concern, as it would greatly reduce their potential fees.
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zccax77
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Post by zccax77 on Jul 10, 2019 12:30:29 GMT
I consider the goodwill to be negative in Lendy hence no longer a going concern due to the negative publicity and impact on lenders. In that case why would any one want to buy this, apart from wanting to bleed lenders dry. RSM may not be perfect but in this case, better the devil you know.
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TenKay
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Post by TenKay on Jul 10, 2019 17:19:26 GMT
i would think its in RSM'S interest to get this mess cleared up asap, they get paid what ever and we get some money back, if the loan book was sold, then we could get into another wait for anything to happen
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zlb
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Post by zlb on Jul 10, 2019 19:03:35 GMT
I think people may like RSM to clear near-promised cash and repayments before any other intervention. Wouldn't a buyer start charging high fees, like Lendy did?
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Greenwood2
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Post by Greenwood2 on Jul 10, 2019 19:47:22 GMT
Any buyer is not going to be a philanthropic person wanting to get lenders their money back, they will be hard nosed investors out to make a killing.
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