LENDY is introducing a new voting system for its investors to have a say over what happens with loans they are funding that are facing issues.
The peer-to-peer property lender released new terms and conditions on Monday detailing a new voting process giving lenders a vote equal to how much they have invested in a particular loan.
Lendy will decide when and what matters can be voted on and a vote will be deemed to have been passed based on the opinion of more than 50 per cent of voters. Issues to vote on could include extensions, recovery strategies and conversions.
However, Lendy has reserved the right to take the final decision.
This feature is yet to have gone live but Lendy says further information will be communicated to all investors ahead of launch, which is expected in the second quarter of this year.
Assetz Capital operates a similar system where it lets investors vote to commence any enforcement action or legal process against the borrowers who are in default.
It is the latest change Lendy has made in how lenders can manage their loans. Last month, the platform said it would add a tab on its website showing partial repayments of loans, to make it clearer to investors how funds are being recovered.
The peer-to-peer property platform said securing partial repayments was one part of its current loan recovery strategy.