Assetz Capital is using virtual video visits and photographic evidence to monitor some of its development sites amid the coronavirus pandemic.
The peer-to-peer lender told Peer2Peer Finance News that its development projects are currently monitored by a combination of information provided by borrowers and reports from around half of its monitoring surveyors that are still undertaking visits, while observing the relevant social distancing rules.
The other half are undertaking virtual video visits to assess progress and confirm that materials are on site or relying on photographic evidence.
“We are forensically assessing paperwork including invoices, receipts and orders and verifying where necessary,” said Chris Macklin, chief risk officer at Assetz Capital.
“For monitoring purposes, we continue to use the latest valuations, any information subsequently made available and our general view of the market based on externally sourced information.
“We always apply a discount against any property when lending, and the impact of discounts related to Covid-19 remains to be seen.”
This follows Simple Crowdfunding announcing that it is lending on new applications where a recent valuation is in place. The property-backed crowdfunding platform then uses a desktop valuation to adjust the valuation to fit into the current ever-changing environment.