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Post by p2plender on Apr 20, 2018 21:42:30 GMT
Some of you seem easily pleased by the joke that is Lendy!
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Post by grotdog on Apr 23, 2018 20:24:34 GMT
We run a Chartered Survey company - and if we'd done the dodgy valuations this lot have had, we'd be looking at mega negligence claims.
A quick look down the lists of valuations tells me that most of their valuations are probably 40% over market value. If these valuation surveyors are not being taken to court, I want to know why.
You cannot trust any of the valuations - which has left Lendy in a diabolical state - I currently have 44 loans vastly overvalued, off the market, and with little chance of repayment. I think the money these jokers spend at Cowes to prop their flash lifestyle needs to go into suing the valuation surveyors - and not flogging bankrupt properties off cheap to their mates, as a recent Welsh example went - £240k for a house and 70 acres is a joke.
I don't trust them as far as I can throw them - my money is out.
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GeorgeT
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Post by GeorgeT on Apr 23, 2018 21:02:47 GMT
We run a Chartered Survey company - and if we'd done the dodgy valuations this lot have had, we'd be looking at mega negligence claims. A quick look down the lists of valuations tells me that most of their valuations are probably 40% over market value. If these valuation surveyors are not being taken to court, I want to know why. You cannot trust any of the valuations - which has left Lendy in a diabolical state - I currently have 44 loans vastly overvalued, off the market, and with little chance of repayment. I think the money these jokers spend at Cowes to prop their flash lifestyle needs to go into suing the valuation surveyors - and not flogging bankrupt properties off cheap to their mates, as a recent Welsh example went - £240k for a house and 70 acres is a joke. I don't trust them as far as I can throw them - my money is out. I have never heard of a surveying practice being called a chartered survey practice. Chartered survey is not an expression I have heard. There are chartered surveying practices and there are chartered surveyors. In addition, any chartered surveyor advising others to sue members of his own profession would be in flagrant breach of the RICS regulations and code of ethics and would not do it. Furthermore, to bring a successful claim against a chartered surveyor's professional indemnity insurance you would have to prove professional negligence which is very difficult to do unless you can prove that the valuer has failed to take into consideration a certain piece of relevant evidence or has made an error in his calculations or valued on the wrong basis etc. Therefore I conclude you are just a disgruntled investor and not who you claim to be. I agree that many of the valuations are wide of the mark but in many cases it would seem to be because the valuers have been asked to value based on certain unrealistic assumptions and include hope value and also have not been asked to value on the correct basis, i.e. fire sale / distressed asset / quick sale by auction etc. Also it would seem that valuers may not always have been given the full and correct information they need on which to base their valuations. That is the client's responsibility. In my opinion, that is a failure of the platform to give clear instructions and full information, understand what they require and to interpret the information they have been given. Also there is a tendency across the P2P sector as a whole to take a rose tinted view of the valuations received and in my opinion not apply proper due diligence and build-in sufficient risk. It is a well-known fact that residual valuations of development sites / land are highly sensitive to small variations in the variables used and in effect you can really come up with a wide range of figures but none of those would be deemed to be negligent valuations, they would merely reflect the differing professional opinions of the valuers employed. As regards the valuation of very specialised property there tends to be little in the way of comparable market evidence and therefore it is often little more than a finger in the air exercise and the only real way of finding out the true market value is to test the market. Placing the blame for the outcome of recent default cases at the doors of the valuers is to absolve LY of their responsibilities. I think there have been failings in the way LY have obtained valuations (with too much involvement from borrowers), the instructions they have given valuers and how they have chosen to interpret valuations. I have long felt that LY should have an in-house valuer of their own with the ability to understand and interpret the valuation reports they receive and pick up on some of the issues before the loans have been awarded.
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Post by grotdog on Apr 23, 2018 22:52:52 GMT
Our company is rics - but what a crowd of showers most rics surveyors are these days - thank heaven I'm not one of them. And yes, we advise clients all the time to sue other surveyors - if they are negligent, they should not be allowed to practise. I've 4 negligence claims on my desk now. If a valuation turns out to be 40% high, the idiot that did the valuation deserves to go down. End of.
So you think these valuations - one in London at the moment for eg - which was clearly a fairy story, and has since been shown to be a fairy story - are only valued high because someone gave the surveyor a bit of wrong information - ****** - his job is to check all that information and make sure it stands up to scrutiny..
Its about time you woke up matey - Lendy is incompetent, and they are taking investors for a ride. And no - I'm not some ponced pommy - I talk straight, say what I think, and I'm not afraid to upset people. This ***** country is in the mess its in because of the typical british reserve.
Wake up and smell the roses mate - lendy has been screwing investors for long enough. They need exposing - they talk ****** most of the time - all their 'updates' are ***, and there is ****** all verifiable information in anything they put to the public.
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Post by p2plender on Apr 24, 2018 9:47:01 GMT
If Lendy had an 'in house valuer' then they wouldn't have a loan book!
I agree re Cowes week. The money should be spent trying to re-patriate lender's funds, not playing Billy big timers on the river bank quaffing Bollinger..
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Post by loftankerman on Apr 24, 2018 10:39:27 GMT
If Lendy had an 'in house valuer' then they wouldn't have a loan book! I agree re Cowes week. The money should be spent trying to re-patriate lender's funds, not playing Billy big timers on the river bank quaffing Bollinger.. I imagine that money spent trying to repatriate lender’s funds could be seen as wasted if the proceeds were only going to be gratefully withdrawn and put beyond Lendy’s reach. Cowes Week and high scores on review sites are potentially the cheese in the trap that draws money into the company. Of the two, the latter is probably their better option.
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Post by p2plender on Apr 25, 2018 1:04:28 GMT
True, but if one was to land on the Lendy site looking to invest then you'd run a mile (if you had any financial sense). Perhaps for those with little financial sense then you might think I'll have a punt but I'll just check some reviews... So I suppose they're looking for investors with nil financial sense. They are out there, just harder to find..
If anybody is thinking of investing in Lendy I'd say run a mile and then run another 10 miles and hope you drop your wallet as you go.
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hazellend
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Post by hazellend on Apr 25, 2018 8:56:31 GMT
Our company is rics - but what a crowd of showers most rics surveyors are these days - thank heaven I'm not one of them. And yes, we advise clients all the time to sue other surveyors - if they are negligent, they should not be allowed to practise. I've 4 negligence claims on my desk now. If a valuation turns out to be 40% high, the idiot that did the valuation deserves to go down. End of. So you think these valuations - one in London at the moment for eg - which was clearly a fairy story, and has since been shown to be a fairy story - are only valued high because someone gave the surveyor a bit of wrong information - ****** - his job is to check all that information and make sure it stands up to scrutiny.. Its about time you woke up matey - Lendy is incompetent, and they are taking investors for a ride. And no - I'm not some ponced pommy - I talk straight, say what I think, and I'm not afraid to upset people. This ***** country is in the mess its in because of the typical british reserve. Wake up and smell the roses mate - lendy has been screwing investors for long enough. They need exposing - they talk ****** most of the time - all their 'updates' are ***, and there is ****** all verifiable information in anything they put to the public. No offence but it feels like you are making this up
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Jeepers
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Post by Jeepers on Apr 25, 2018 9:21:32 GMT
Our company is rics - but what a crowd of showers most rics surveyors are these days - thank heaven I'm not one of them. And yes, we advise clients all the time to sue other surveyors - if they are negligent, they should not be allowed to practise. I've 4 negligence claims on my desk now. If a valuation turns out to be 40% high, the idiot that did the valuation deserves to go down. End of. So you think these valuations - one in London at the moment for eg - which was clearly a fairy story, and has since been shown to be a fairy story - are only valued high because someone gave the surveyor a bit of wrong information - ****** - his job is to check all that information and make sure it stands up to scrutiny.. Its about time you woke up matey - Lendy is incompetent, and they are taking investors for a ride. And no - I'm not some ponced pommy - I talk straight, say what I think, and I'm not afraid to upset people. This ***** country is in the mess its in because of the typical british reserve. Wake up and smell the roses mate - lendy has been screwing investors for long enough. They need exposing - they talk ****** most of the time - all their 'updates' are ***, and there is ****** all verifiable information in anything they put to the public. No offence but it feels like you are making this up 'run a chartered survey company' Yeah, and I run a soliciting company so have a very good knowledge of the law. Clients come to us when they're going through a divorce.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 25, 2018 10:15:06 GMT
I am not grotdog btw, but I DO of course agree broadly with what s/he says, particularly (again, of course!) regarding our "friends", the Oh So Trustworthy and Upstanding Beyond Reproach RICS Professional Valuers.
I thank you.
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zedi
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Post by zedi on Apr 25, 2018 12:52:41 GMT
If a valuation turns out to be 40% high, the idiot that did the valuation deserves to go down. End of. Let me also talk straight, it´s totally ridiculous to think anyone on this planet can value a unique and illiquid asset (e.g. a scottish Castle, Special commercial properties like an eco lodge etc.) 100% correctly. One can relatively precise value residential property in the inner city but only because there are a lot of comparable objects and they are traded quite often... So missvaluations will always occur, especially with complex/unique loans outside of the prime residential sector but that´s exactly the sweet spot of p2p-lenders.
Here at Lendy, we see an additional negative impact due to a selection bias of defaulted loans. Why do bridging loans default? Basically because the borrower cannot refinance or sell in time. And both exit strategies highly depend upon a correct valuation, is the valuation is too high the borrower will face difficulties with refinancing or selling the property... On the other hand, if the borrower succeeds in refinancing the loan outside of Lendy or even sell the property, it means that the valuation was more or less correct. But these successfull valuations never get the same attention as the screwed ones.
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Post by supernumerary on Apr 27, 2018 18:54:25 GMT
Further news on the 'mother load' of repayments DFL004 (currently 10% of the current live Lendy platform); Disappointingly the information we have previously requested has not been provided by the borrower and a Formal Demand has been issued for repayment. We have also instructed an up to date valuation of the security property to be carried out. This forms part of our recovery strategy, which may include the commencement of recovery procedures if the borrower is unable to satisfy us that a refinance and full repayment can be achieved in short order.
Now two weeks overdue, but at least Lendy are now getting their act together... The sooner this gets repaid the better for all of us.
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Post by p2plender on Apr 28, 2018 0:07:53 GMT
The latest update proves what an utter joke and shambles Lendy is.
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hazellend
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Post by hazellend on Apr 28, 2018 6:06:31 GMT
The latest update proves what an utter joke and shambles Lendy is. No it doesn’t prove that at all
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Post by loftankerman on Apr 28, 2018 7:37:03 GMT
Well I suppose some could say it constituted a public admission of and apology for incompetence. Others might think that the ever changing T&C now tend to absolve them of any responsibility for doing anything other than warning lenders of risks involved, such as platform incompetence. In that sense the update wouldn't demonstrate anything shambolic, just a job well done. Looks like another five star review from me. Since the banking crisis I've had the feeling that money not measured in trillions is below the noise level and in the world of finance this piffling loan doesn't warrant too much worrying about.
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