In light of the Grenfell Tower tragedy in London, we have been undertaking a review of our loan portfolio to ensure that properties are compliant with building regulations. Our standard instruction letter to all our Independent Monitoring Surveyors (IMS) requests that they monitor/ check/ confirm that a development complies with building regulations.
Lendy takes health and safety very seriously. We have instructed the IMSs to review/ report specifically upon cladding in respect of any high rise development projects within their next reports. This particular aspect of a development will be considered/ reported upon as part of all future development proposals and also when we consider providing bridging funding to existing high rise blocks of flats.
For new deals we are asking the valuer to specifically comment (if we consider it appropriate depending on the nature of the property) - i.e. high rise blocks of flats or offices. If we are not satisfied that fire regulations have been met then we will not take these high rise properties into security/or fund the build.