Projects - Litigation Support
Project Beach
Expert witness
Summary
- Expert witness
- Coastal, QLD
- Residential development – 100 units
- Value – $100m+ claim
Issues
- Development was sold by a Receiver at a price significantly below valuation
- Lender incurred a significant loss
- Lender sued Valuer for negligence following the sale of the property
- Retained by Valuer’s PI insurer for expert witness report
Solution
- Report prepared on did the lender comply with its own policies and meet responsible lending standards as well as were there deficiencies in the lender’s management of the loan
- The lender’s due diligence on pre-sales was poor and management of the account was deficient in some areas
- Identified that the lender had changed the use of the development to serviced apartments before sale without getting a valuation update to justify the decision
Outcome
- Matter was settled out of Court