aj
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Post by aj on Jun 6, 2019 12:04:39 GMT
In the world of P2P, a commonly stated 'Plan B' by secured lending platforms is to make a claim on a valuers PI cover if a valuation proves to be wildly high resulting in losses to lenders.
Have there been any cases of a PI claim of this type being brought successfully/unsuccessfully where it has been pursued by a P2P platform?
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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 Jun 6, 2019 12:28:02 GMT
In the world of P2P, a commonly stated 'Plan B' by secured lending platforms is to make a claim on a valuers PI cover if a valuation proves to be wildly high resulting in losses to lenders. Have there been any cases of a PI claim of this type being brought successfully/unsuccessfully where it has been pursued by a P2P platform? It has been reported on here that, ironically, Lendy had just succeeded in such a claim. Certainly additional funds were returned to lenders AIUI. I think HNW were also successful in some form of PI claim but not sure if that was values or another profession.
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garfield
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Post by garfield on Jun 8, 2019 12:45:04 GMT
You are correct, at least partly... We were told that Lendy had successfully litigated against the valuer of PBL56. That was earlier in the week they went into Administration. However, the promised funds didn't materialise.
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zlb
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Post by zlb on Jun 8, 2019 13:57:20 GMT
I read somewhere that the cover is only paid after a certain level of loss, after a sale.
I wonder whether, in order to qualify, there has to have been evidence of trying to sell the property at its estimated value, and for unusual types of property this has to have been attempted over a longer period or time in order to qualify. I wonder whether this is why certain properties on Ly have been up for sale for so long (in combination with them being duff properties in the first place - e.g. poor/idiosyncratic-taste interiors).
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Post by crabbyoldgit on Jun 8, 2019 17:15:19 GMT
I believe asset z has several claims ongoing, also i have read rics members are starting to refuse to give valuations for peer to peer loans due to the risk of successful claims against them.
Nice to know the evident confidence they have in the accuracy of their valuations, ment to be plus or minus 10%. Pigs might fly.
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aj
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Post by aj on Jun 10, 2019 10:58:04 GMT
I believe asset z has several claims ongoing, also i have read rics members are starting to refuse to give valuations for peer to peer loans due to the risk of successful claims against them. Nice to know the evident confidence they have in the accuracy of their valuations, ment to be plus or minus 10%. Pigs might fly. I would be surprised if valuers were turning down business! Surely it would be easier to estimate a far greater reduction of value in any 'forced sale' situation or give a larger value range for properties that are tricky to price? I am glad to hear that there have been some reported successful claims; reading some P2P disaster stories points towards there being a good few more in the next few years.
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bigfoot12
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Post by bigfoot12 on Jun 10, 2019 14:13:56 GMT
In the world of P2P, a commonly stated 'Plan B' by secured lending platforms is to make a claim on a valuers PI cover... I would be surprised if valuers were turning down business! Given your first post, I wouldn't be surprised if some turned some of this business down, or at least had to add so many caveats it becomes worthless.
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