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High risk lending alert

High risk lending alert

By Legal Practitioners’ Liability Committee

Finance 


The current economic climate is increasing the risks for lenders and their lawyers. LPLC has seen a significant increase in mortgage claims involving inadequate security in the 2017-18 policy year. Many of these claims have in common private lenders providing urgent, short term, high interest rate loans, or risky joint venture arrangements. The prevalence of these loans and arrangements reflects a tightening in the market for funding which looks like it will continue. Acting for lenders in urgent short-term loans If you are asked to act for lenders in urgent short-term loans our claims experience shows that you need to do the following.

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