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Decoding the New Asset Class proposed by SEBI.

Something I find quite misleading about the way some lenders market and position their products is the way they use 180 day valuation figures to reduce their overall LTV. Some lenders proudly market for example, 75% LTV, as a way of messaging the market to indicate they will take on high leverage and less savvy investors buy into this, engage with the lender and instruct a valuation. When the valuation comes back and they are happy with the OMV result, they become shocked when the lender reissues terms with a lower net day 1 amount as they work off the 180 day figure on the report instead of the OMV. You can imagine the disappointment. When investors and developers are running numbers they work with OMV/GDV with readily available comparable data. They do not consider 180 day values as they are also harder justify if you are not a RICS surveyor. Really, what a lender is saying when they will lend 75% against a 180 day market value figure is they will lend between 65% to 70% LTV. So why not just state that from the outset?🤷🏻♂️ #property #propertyfinance #propertyfinancebroker #financebroker #financelender #facts #finance #propertyinvesting #propertydeveloper

This is an accurate account of misleading gearing advertising. 180 day values range extensively in certain areas such as low demand, unique asset class, etc. So the true LTV against the OMV/VP value can result in much lower leverages. Conversely, central urban locations tend to see 180 day values in line with OMV / VP assumptions. I restrict enquiries to 180 day lenders unless the borrower requires a low LTV, the security is of high demand, etc.. Irrespective, 180 day lenders pose a risk to the broker/client relationship unless managed well.

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