The defendants were instructed by a property developer to value for lending purposes certain property that was in the course of redevelopment as holiday accommodation. The valuation was, by arrangement with the defendants, shown to the claimant lenders that were funding the development. When the loan agreement was ultimately drawn up, the property on which it was secured included most, but not all, of what was contained in the valuation. Nevertheless, it was somewhat controversially held by the Court of Appeal that the lender had sufficiently 'relied' on the valuation in agreeing to lend.
