Perx Investors May Demand Board Compensation for Losses Tied to High valuations
OSLO, Norway – Investors in the Norwegian crowdfunding platform Perx are considering collective action to seek compensation from the company’s board for losses stemming from what they believe were excessively high property valuations used to secure loans, according to investor Øyvind Horn. the potential move follows a similar situation in 2023 involving crowdfunding company Monio, where Sparebank1 SR-Bank ultimately paid investors tens of millions of kroner and defaulted on loans to mitigate further losses after claims were filed with the Financial Complaints Board.
Horn’s concerns center on loans facilitated through Perx where borrowers are now facing meaningful financial hardship. One borrower, whose identity E24 has protected at his request, has been forced to sell his home after his project collapsed, but the proceeds were insufficient to cover the loan. Perx is now pursuing a salary deduction to recover the remaining debt.
“In any case, he is in a far worse place than before he took out the loan. From time to time, the borrower should be protected from himself. The rules from the financial Supervisory authority are there for a reason,” Horn stated. He believes the borrower should not have been approved for the loan in the first place.
When questioned by E24, Perx Chairman Nils Holger Kofoed responded that investors with claims should first address them directly with the company. He affirmed the board’s awareness of its responsibilities and adherence to procedures for loan facilitation.
“The board is aware of its responsibility and follows up routines for forwarding loans via Perx,” kofoed wrote. “Perx uses authorized appraisers or real estate agents when valuing the properties offered as security in the loans that are passed on, and they are always concerned that the facts given regarding the loans that are passed on is as correct as possible.”
The situation highlights growing scrutiny of the risks associated with peer-to-peer lending and the responsibility of platforms to ensure accurate valuations and responsible lending practices.
