QBD 25 January 1993. In 1988 a company (R) was formed to acquire a property subject of a planning application and development plans. That year R instructed C, an employee of a surveying company, to value the property. C received a letter from a finance company informing of a bridging loan to R and that they would by relying on his valuation. C valued the site as B1 with 20% B2 at £1,700,000. Planning permission was granted. C informed the finance company that this did not alter his valuation. A year later C did another valuation of the site which increased his valuation to £1,750,000. In April 1990 C wrote to the finance company saying that since the downturn of the property market he felt the value of the property should be between £1,350,000 and £1,450,000. In 1990 the plaintiffs, P were approached to lend £780,000 to R for one year against the security of the first legal charge over the site. The various valuation reports were sent to them and the loan was made as P had stated tha