LANDLORDINVEST has amended its terms and conditions to let a borrower extend a loan rather than refinancing it.
The new clause gives the peer-to-peer property platform the ability to extend a loan facility agreement at its own discretion where it is believed to be in the best interest of the investor and borrower.
A lender will have to also agree to the extension.
Read more: LandlordInvest hits £5m lending milestone
“We have not extended any loan to date, only refinanced platform loans,” Filip Karadaghi, chief executive of LandlordInvest, said.
“However, refinancing does not always meet the requirements of a specific loan and situation and we have therefore included this possibility in our terms and conditions to ensure the best outcome for our customers.”
The platform has also made a number of changes to the way its secondary market works.
Lenders will now be unable to list a loan on the secondary market if it is in arrears or has just one payment remaining.
Another new clause lets the platform suspend a loan from the secondary market if it becomes aware of information that could “significantly impact” a lender’s decision to purchase it.
LandlordInvest hit £1m of sales on its secondary market in March.
The platform, which launched its secondary market last year, announced 1,393 loan sales have been completed, worth an average of £730.
The highest loan sale was £50,000 and the lowest was just £100.
The number of unique sellers was 86 and the number of unique buyers was 150.