Please read these terms and conditions carefully and print a copy for your future reference. It is important that you understand that peer-to-peer lending is not covered by the Financial Services Compensation Scheme (“FSCS”) and therefore your capital may be at risk if a borrower fails to repay a loan that you have lent to. We strongly recommend that you seek independent financial and tax advice when considering whether to lend your funds through LandlordInvest Limited (“LLI”, “Company”, “we”, “us”).
If you decide to become a lender on LLI (“lender”, “Investor”), you must comply with these terms and conditions. These terms and conditions should be read alongside our Privacy Policy (accessible here www.landlordinvest.com/privacy).
By using systems and services provided via the websites www.landlordinvest.com and www.landlordinvest.co.uk, any other online services provided by us and any data managed by, displayed on or transmitted from such services (“lending platform”), you confirm that you have read, understood and agree to these terms and conditions and the privacy policy (each as amended from time to time). If you do not agree to these terms and conditions, you must stop using the lending platform immediately.
References to "you" and "your" mean a user of the lending platform and the services provided via our lending platform, whether as an individual or on behalf of an entity which meets the criteria set out in clause 3 below.
1. About us
1.1 LandlordInvest Limited is a company incorporated in England and Wales, whose registered number is 09245725 and whose registered office is at 330 High Holborn, London, WC2A 1HL United Kingdom.
1.2 LandlordInvest Limited is authorised and regulated by the Financial Conduct Authority (FCA) (FRN 660926).
1.3 LandlordInvest Limited is registered with the Information Commissioner (ZA099073).
1.4 LandlordInvest Limited is not covered by the Financial Services Compensation Scheme (“FSCS”). You may be entitled to compensation from the FSCS in respect of any money held by LandlordInvest Limited on your behalf if the bank or credit institution holding the money becomes insolvent. Further information is available at www.fcsc.org.uk and we would advise you further if this event were to occur.
2. Our service
2.1 We provide the following services:
2.2 We are acting as an agent to Loan Facility Agreements, and all other relevant loan documents, originated through our lending platform and do not perform any management or advisory services.
2.3 As part of the services, as specified in clause 2.1 above, we do perform credit underwriting on borrowers and assign them credit ratings. However, our credit ratings are only informative and should never be construed as advice.
2.4 Although we endeavour to verify all information provided by a borrower and with which we conduct our underwriting process and assign a credit rating, we accept no responsibility and disclaim all liability for any such information.
2.5 We may, after a loan request has been posted, modify, change or delete any borrower or loan information after a loan request has been posted on our loans marketplace. Material changes will be communicated to you.
2.6 For the avoidance of any doubt, we are not a lender or a borrower.
3. Become a lender
3.1 To open a lending account with us you must meet the following conditions:
3.2 If you are a limited company or LLP, you must satisfy one of the following:
(a) You must not be in the business of lending as part of your ordinary course of business; or
(b) If you are in the business of lending as part of your ordinary course of business, you must be authorised and regulated by the Financial Conduct Authority (and the PRA where applicable) to carry on the regulated activities set out in Article 60B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (“Lending business”).
3.3 If you are a Lending business, you must ensure that you have, at the time of becoming a lender on our lending platform and at all times whilst you are a lender on our lending platform, proper authorisation from the FCA (and PRA where applicable). You must also notify us of this status and provide us with your authorisation number before you become a lender on our lending platform.
3.4 If you are a Lending business you must ensure that you comply with all your legal and regulatory obligations at all times. You cannot delegate such responsibilities to us.
3.5 You must immediately notify us if:
(a) you are a Lending business and your authorisation has been cancelled, suspended or varied by the FCA or at your own initiation;
(b) you are a Lending Business and have had requirements or limitations added to your Part 4A Permission or you are involved in or subject to FCA (and/or where relevant, PRA) enforcement action; or
(c) the status of your company at the time of registering as a lender met the condition set out within clause 3.2(a) but now meets the condition set out within clause 3.2(b). Where this is the case you must not use our lending platform until you satisfy the criteria set out in clause 3.3.
3.6 You warrant that all information that you provide about yourself is accurate and true to the best of your knowledge. You will update us if any of the information you provide to us changes.
3.7 You warrant that by entering into this agreement, you are not breaking any laws or regulations that are applicable to you nor is any company, trust or partnership upon whose instructions you are acting upon.
3.8 We will carry out identity and fraud checks on you, using credit reference agencies such as Call Credit, Equifax or Experian, to comply with our regulatory requirements.
3.9 We have complete discretion as to if to allow you to be a lender on our lending platform.
3.10 If we cannot obtain satisfactory information from the credit reference agency then we will ask you to provide us with copies of the relevant passports or other identification documents plus a proof of address and anything else that we may require.
3.11 We may at any time suspend or place limitations on trading on your account if we believe it is appropriate in order to comply with our legal and regulatory obligations.
3.12 You can transfer money into your lending account by bank transfer. You need to quote your unique account number if you transfer money using a bank transfer so that we can identify and allocate your transfer to your lending account.
3.13 We require you to use an account held with a UK bank or building society maintained in your sole or joint name.
3.14 You can start lending as soon as we receive and allocate funds to your lending account. Setting up a lending account is free of charge.
3.15 Money in your lending account will be held by us in a segregated client account with a bank (currently the Royal Bank of Scotland) selected by us until or unless it is lent to a borrower at which time it will be transferred to the relevant borrower’s account.
3.16 You may withdraw money from your lending account by making a request in writing to us. Money will only be paid into a UK bank or building society account held in your name or a joint name. When making your first withdrawal request, you need to provide us with a bank or building society statement showing your name and address before we can process your withdrawal request to meet current UK regulation. You may upload a statement directly on our lending platform or by sending it to investor@landlordinvest.com.
3.17 Please keep in mind that while we believe that access to the assets of a borrower via the secured loan may provide additional comfort as to the likelihood of repayment, we accept no additional responsibility for the likelihood of a borrower meeting its financial obligations to lenders through our lending platform in circumstances where such recourse to the assets of the borrower is available.
3.18 You have the right to cancel this agreement, without giving any reason, within 14 days beginning on the day after the date on which you register as a lender on our lending platform. You can do this by emailing investor@landlordinvest.com.
4. Lending account
4.1 You must provide a username and email address, enter a password and provide answers to two security questions when registering as a lender with us.
4.2 Each time you access your lending account you will need to enter your email address and password. Your username and password are unique to your lending account and are not transferable without our written consent.
4.3 You must keep your username, password and the answers to security questions secure at all times. You are responsible for all information and activity on our lending platform by anyone using your username and password.
4.4 If you authorise anyone to use your lending account you will be responsible for their activity on the platform.
4.5 Any breach of security, loss, theft or unauthorised use of a username, password or security information must be notified to us immediately using the contact details here (www.landlordinvest.com/contact)
4.6 You agree not to adapt, bypass or manipulate the systems in place in connection with the platform, nor access our systems other than by using the credentials assigned to you and by following the instructions that we have provided for that type of connection.
4.7 We reserve the right not to act on your instructions where we suspect that the user logged into your lending account is not you or we suspect illegal or fraudulent activity or unauthorised use.
4.8 You agree that any and all personal information you provide to us via our lending platform may be collected, stored, processed and used in accordance with our Privacy Policy.
5. How to lend
5.1 All applications by borrowers are carefully reviewed by us and classified at the initial application stage into assigned risk ratings based on various variables including data from a credit referencing agency that we work with and the borrower’s application.
5.2 A loan request page is created by us for borrowers that meet our criteria and pass through our underwriting process.
5.3 Certain loans may be classified as “Pending underwriting”, meaning that the loan meets our criteria and certain checks have been made but a final check (often a valuation report) is required before the loan will be classified as an underwritten loan.
5.4 Loan requests are posted to our loans marketplace which you may only access if you have a lending account.
5.5 Once you have decided which borrower(s) you want to lend to, you choose the amount of money that you want to commit. The minimum amount that you can commit into each loan is £1000, in increments of £1.
5.6 You may withdraw your commitment to a loan request at any time provided that the loan request has not reached its funding target.
5.7 A loan must be fully funded to complete. A completed loan will be made up of the sum of the commitments sufficient to fully fund the loan request at the time the borrower accepts the loan or the funding period expires. The borrower can then either accept the loan or allow the loan offer to lapse in which case no loan is made.
5.8 We may offer tranched loans. It means that a loan that is secured by a first or a second legal charge over a property(ies) (along with any other loan security), maybe offered in two separate tranches to lenders on the lending platform: (1) a senior (tranche) loan and (2) a junior (tranche) loan.
5.9 The loan repayment priorities between the two tranches are as follows (which you unconditionally agree to when making loan investment(s) into either or both tranches): Following the full settlement of the Security Agent’s fees (if any) and as set out in Clause 11.5, all monies received shall first be applied towards discharge of the senior loan principal balance and second, once the senior loan’s principal balance has been discharged in full, towards discharge of the junior loan’s principal balance.
The remaining balance, if any, shall be applied towards the repayment of all accrued and unpaid interest due to the senior loan and second, once all accrued and unpaid interest due to the senior loan has been repaid in full, towards all accrued and unpaid interest due to the junior loan.
5.10 We reserve the right to place any restriction or condition on which lenders may become lenders and/or the maximum or minimum amount a single lender is permitted to bid and lend to a particular borrower or in aggregate.
5.11 You can monitor and review details of your loan portfolio in the “My Account” section of our lending platform.
6. Loan Facility Agreement
6.1 LLI enters into a Loan Facility Agreement on your behalf as agent with the borrower once a loan request is fully funded and the borrower accepts the aggregated loan request offer. Your money is then transferred from your lending account to the account of the borrower.
6.2 The Loan Facility Agreement will include the relevant contract terms, setting out the specific details of the loan (interest rate, term etc.) and to incorporate our standard loan conditions.
6.3 You appoint LLI or such other entity to which any of its rights and obligations are assigned under Clause 6.4 from time to time to act as an agent on your behalf in relation to the loan and instruct LLI to sign the Loan Facility Agreement, any Security Documents and any other relevant loan documents as agent on your behalf.
6.4 LLI may assign any or all of its rights and obligations under its agreement with you and any Loan Facility Agreement, any Security Document and supplemental documentation. If a novation of all or any of LLI’s rights and obligations is required by LLI, you agree to enter into such documentation as is required by LLI to give effect to the novation and thereupon LLI shall be released from all further liability in respect of its obligations so assigned. The expression “LLI” in these terms and conditions shall where the context permits include any entity to which any of its rights and obligations are assigned.
6.5 No interest will be earned by you until the loan request has completed.
6.6 Where there is more than one Lender lending under the Loan Facility Agreement, the total Loan to the Borrower will be made up of various loan parts, each loan part representing a separate loan made to the Borrower by the Lender of each loan part. Where this is the case, under the Loan Facility Agreement, you will be deemed to enter into a separate Loan Part (as defined in the Loan Facility Agreement) with the Borrower in respect of your loan part for the amount of your loan part and on the same terms as the Loan Facility Agreement.
6.7 If you purchase a loan or part of a loan from another lender, you will become a party to the Loan Facility Agreement and your money will be transferred from your lending account to the transferring lender’s lending account.
6.8 We may, acting as an agent on your behalf, in our sole discretion, amend (including extend) a Loan Facility Agreement and any other Security Documents securing the loan, where we believe it is in the best interest of both you and the borrower and you irrevocably agree to such an amendment.
6.9 You agree that all notices and communications given to a borrower may be sent by us on your behalf.
7. Interest and principal payments
7.1 Interest and principal payments due to you on each loan or loan part can be viewed in the “My Account” section of our lending platform. The Loan Facility Agreement governs the payment of these amounts.
7.2 All interest accrued and principal payments will be credited to your lending account.
7.3 Each loan will have its time period and maturity date specified in the Loan Facility Agreement applying to it.
7.4 All interest and principal payments will be made to lenders without deduction of income tax. It is your responsibility to account for any income tax and other personal taxes that may be payable to the appropriate authorities.
7.5 We will, for tax purposes, provide you with an annual statement of interest earned.
8. Selling or buying a loan or loan part on the secondary market
8.1 You may list your loan or loan part for sale, using the secondary market function on the platform. The minimum amount that you may list for sale is £100 and you may list a loan or a loan part at up to a 20% discount of the loan or loan part’s par value. Please remember that by selling a loan or loan part at a discount, you may receive less than what you invested in the loan or loan part.
8.2 To list your loan or loan part on the secondary market, you will need to choose the loan and loan amount that you wish to make available for sale by going to the “My investments” tab in your account. You may list your entire outstanding investment in a loan or loan part.
8.3 Please keep in mind that there is no guarantee that there will be a buyer for your loan or loan part as it is outside LLI’s control. It is solely up to platform lenders if they wish to bid on your loan or loan part.
8.4 You will not be able to a list loan or loan part if the relevant loan is in (1) arrears (a borrower has missed one or several interest payment/s, or only made a partial payment), or (2) if the loan is in default, or (3) there is only one interest payment remaining for the loan, or (4) the loan is suspended per Clause 8.17.
8.5 Tranche 2 and all subsequent Tranches of a development loan cannot be listed on the secondary market until the first interest payment for the relevant Tranche is received in full and paid.
8.6 A Loan Facility Agreement that has been extended, as set out in Clause 6.8, is subject to the terms set out in Clause 8.4, applicable from the date of the Loan Facility Agreement's extension.
8.7 Once you have listed a loan or loan part, it will appear on the secondary market. A loan or loan part listing is listed on the secondary market for 14 days, beginning from the time that you listed it. You may at any time remove your listing.
8.8 Lenders may purchase a loan or loan part by pressing the “buy” button for the relevant loan or loan part and submit a bid.
8.9 An LLI administrator must approve each secondary market sale before it is completed. If the administrator approves a bid, both the seller and buyer will be notified via email and their respective records will be updated to show when the purchase is completed. If the administrator does not approve a bid, the listing may be re-listed on the secondary market subject to Clauses 8.4 and 8.5.
8.10 Secondary market listings will only be processed between the hours of 9:30am and 5pm, Monday to Friday.
8.11 Secondary market listings that are under bid and pending approval by an LLI administrator will not be processed on the day of the loan's interest payment date until the full interest payment has been made by the borrower. If the borrower does not make the full interest payment on the interest payment date, the Secondary market listing bid will not be approved.
8.12 When a secondary market sale occurs prior to a scheduled interest payment, the seller will receive the daily accrued interest until the day that sale is completed, payable to the seller upon the next scheduled interest payment for the relevant loan. The buyer will receive accrued interest from the day after the purchase is completed.
8.13 The sale of the listing will be completed by using a Novation Agreement. The Novation Agreement will be completed once the LLI administrator has approved a sale. Upon the sale, the seller and buyer will have entered into a legally binding contract for the purchase and sale of the loan or loan part (“Secondary market sale”). Upon the Sale being agreed, both the selling lender and the purchasing lender irrevocably and unconditionally appoint the LLI as their agent to execute the Novation Agreement on their behalf. A copy of the Novation Agreement will be made available, to each lender, on written request.
8.14 An administration fee of 0.50% will be deducted from the seller’s sale proceeds upon a completed secondary market sale (“Secondary market sale fee”). The secondary market sale fee is applied to the sale price of the sold loan or loan part. We may at our absolute discretion waive the Secondary market sale fee in part or in whole as part of a promotion or for any other reason.
8.15 A secondary market listing will be on an "as is basis", with no representations and warranties provided by the selling lender, the borrower, any member of LandlordInvest or any other entity. Only limited information is likely to be available and no information is provided by the platform. Prospective purchasers can use the platform to research the information provided at the time of the original loan listing, including reviewing the payment schedule for the relevant loan.
8.16 You would not be able to sell a loan or loan part if LLI assigns any of its rights and obligations as set out in Clause 6.4 and/or Section 16.
8.17 We may at our sole discretion suspend a loan from the secondary market when we receive, or become aware of, information that we consider could be material and that we think could significantly impact upon a lender’s decision to purchase the relevant loan or loan part on the secondary market.
8.18 We may at our sole discretion, and for any reason, suspend a lender’s ability to list a loan or loan part on the secondary market.
9. Prepayment
9.1 You accept that borrowers are entitled to, without any prepayment penalties or any other claims arising from a prepayment, prepay their entire loan prior to the maturity date set out in the Loan Facility Agreement, subject to any minimum interest period as set out in the relevant Loan Facility Agreement.
9.2 We will notify you if a borrower chooses to prepay a loan to which you have lent. Proceeds from a prepaid loan will be credited to your lending account after we have received the prepayment proceeds from the borrower.
10. Fees
10.1 We charge borrowers an annualised fee of up to 5% (assuming that the loan is not in default and as per the terms of the relevant Loan Facility Agreement for the loan) of the outstanding principal (“Servicing Fee”) or such other amount as shall be notified by us to lenders and borrowers from time to time. The Servicing Fee is charged to cover our role in providing intermediary services in relation to the introduction of you and the Borrower and the costs of running the website and administering the loans.
10.2 The Servicing Fee is included in the rate of interest stated in the Loan Facility Agreement for the relevant loan and will be taken directly from loan repayments made by the borrower.
10.3 If any default interest is due and payable by the borrower and as per the terms of the relevant Loan Facility Agreement, it is solely at the discretion of LLI what proportion of the default interest shall be payable to lenders (if any).
11. Security and security enforcement
11.1 All loans are secured by a first or second legal charge over the borrower’s property (“security”) and held by LandlordInvest Security Agent Limited ("LLI Security Agent"), or any other firm appointed by us at our sole discretion to hold such security on your behalf.
A reference to "Security Agent" is a reference to LLI Security Agent or any firm instructed by us, in its capacity as security holder on your behalf
11.2 You agree that the Security Agent will act on your behalf as Security Agent in respect of any of the borrower's liabilities to you under each loan. Communications to a borrower in connection with any such security will be made through us or through the Security Agent.
11.3 You agree that we may at our sole discretion appoint another Security Agent in the event of a Security Agent's insolvency.
11.4 Any valuation of the security will be indicative of the value and realisation on enforcement in connection with the sale of such security may be lower (or higher) than the value set out in the valuation. We, nor the Security Agent, can guarantee the realisable value of the security.
11.5 The Security Agent will pay back to lenders in their proportionate share any funds successfully recovered, less its costs incurred during that recovery.
11.6 The Security Agent will act in a fair and equitable manner to achieve maximum recovery for all affected lenders, which may include extending payment terms or selling the debt to a third-party.
11.7 The Security Agent may perform all obligations, rights and benefits given to the Security Agent by assignments, legal mortgage and by any future security that the Security Agent may take in respect of the debt due under the loan or under any document entered into pursuant to such assignments, legal mortgage and/or future security.
11.8 Where the Security Agent holds an assignment and/or legal mortgage in respect of a particular loan of a particular borrower that an assignment and/or legal mortgage will generally operate to secure all monies due from that borrower to lenders.
11.9 If the Security Agent is required to enforce any security agreement, and any proceeds of recovery become available (after allowing for all of the Security Agent’s costs of enforcement), it is possible that the available proceeds will not be sufficient to discharge all obligations owed by the borrower at that time to lenders. Lenders shall only be entitled to recover their proportionate share of such recoveries in such cases.
11.10 You agree that the Security Agent shall be entitled to be repaid and reimbursed out of the proceeds of any recovery under any security agreement, assignment and/or legal mortgage and that you will pay all reasonable costs incurred by the Security Agent in enforcing the security or in complying with any instructions from you in connection with any security agreement. You will only be responsible for payment of such costs out of the proceeds of any recovery and to the extent that such costs cannot be recovered by the Security Agent from the relevant borrower.
12. Arrears
12.1 You agree that in the event of arrears on a loan, we may take the steps as set out below (clause 12.2-12.9) on your behalf.
12.2 We may act outside and/or ahead of the process referred to in clause 12.1 above to pursue arrears or loans where we consider this to be in the best interests of lenders. We may recover our reasonable costs from any amount recovered.
12.3 If the borrower misses a payment or only partially pays, the amount due to you and the other lenders, we ourselves or through an agent acting on our behalf, will contact the borrower to inform them that we will reattempt to collect the outstanding payment in respect of that loan.
12.4 If our reattempts to collect the funds fails 3 working days after the payment was due, the borrower's account will be treated as an overdue account and we will continue to attempt to collect the funds.
12.5 We may refer any missed payment to a debt collections agency (the "Collections Agency"), who will attempt to collect the money on your and any other lenders’ behalf and you authorise us to use such Collections Agency on your behalf.
12.6 Any reasonable fees that the Collections Agency charges for this initial debt chasing will be added to the loan amounts that they are seeking to collect and will not reduce the amount available for distribution to lenders.
12.7 We may engage field agents to attempt to collect the total loan amount outstanding if a loan is placed in default.
12.8 Any reasonable fees that field agents charge for debt chasing will be added to the loan amounts that they are seeking to collect and will not reduce the amount available for distribution to lenders.
12.9 We will keep you up to date with the progress of its efforts to collect arrears and to recover defaulted debt.
13. Closing your lending account
13.1 If you no longer want to be a lender on our lending platform and provided that you have no Loan Facility Agreements currently in force, you can let us know in writing and we will close your lending account.
13.2 We reserve the right to close your lending account at any time and for any reason, including but not limited to if:
you use our lending platform in any of the following ways:
13.3 On termination we will credit your bank or building society account with any funds left in your LLI lender account or send a cheque to the address last provided by you.
14. Deceased lender
14.1 Upon the death of a lender, LLI will temporarily block access to the lender’s account. The account will continue to receive interest and loan repayments on outstanding loans (if any).
14.2 After the account has been temporarily blocked, LLI will only accept instructions from a legal representative (per clause 14.3) on how to deal further with the account, including liquidating the account, selling outstanding loan or loan parts (subject to clause 8.1) and releasing the fund to a UK bank or building society account.
14.3 The legal representative of the account will need to provide LLI with a copy of the death certificate and a certified copy of the Grant of Probate or Grant of Letters of Administration (as applicable) before being able to deal with the deceased’s account.
15. Client Money
15.1 We shall treat money that we receive from you or hold on your behalf as Client Money in accordance with the FCA’s Client Money rules (CASS). Client Money held for you will be subject to internal control mechanisms and accounting procedures in accordance with the Client Money rules.
15.2 You are hereby notified, in accordance with Rule 7.10.7B of the FCA Client Assets sourcebook, that we have elected to hold monies held in relation to lenders and prospective lenders under non-P2P agreements (corporate bodies and partners in partnerships of four or more partners) in accordance with the FCA’s Client Money Rules with effect from 7 February 2017.
15.3 We will make arrangements for your money to be held in a segregated account separately from our own funds with a bank appropriately authorised, in line with our FCA requirements ("Client Bank Account") and in accordance with the Client Money rules and maintained specifically for you or for our lenders generally. Your money may be held with other lenders’ money in a pooled account and you consent to such pooling.
15.4 Client Money will be held on an omnibus basis which means that if the bank were to fail, your funds would be affected by any shortfall in proportion to the value of your funds relative to the total sum of Client Money held in this way. We will not be responsible for any acts, omissions or default of any bank with which your money is held and in the event of insolvency of such bank, we would not be liable for any shortfall unless we had failed to comply with any duty of care or obligation to which we were subject.
15.5 Client money may be placed in client transaction accounts with solicitors in order to complete certain transactions. These funds are held by the relevant solicitors under the Solicitors Regulation Authority (SRA) Client Money Rules.
15.6 LLI does not provide paper statements of client holdings. You can log into your accounts at any time and download a statement of your current loans and see your "available" and "pending investments" which together account for the client money we are holding for you.
15.7 We will not pay interest on balances held as Client Money.
16. Insolvency arrangements
16.1 If our platform were to fail, or if we were to become insolvent, or if we were to wind-down (voluntarily or involuntarily) the platform:
16.2 We would continue to collect the Servicing Fee. We may charge an additional special situation fee which will be included in the interest rate paid by the borrower, and you consent to such fee.
17. Complaints
17.1. If you have a complaint, then you can contact us by phone on: 0207 406 1491, by post at: LandlordInvest Limited, 330 High Holborn, London, WC2A 1HL or by email at complaints@landlordinvest.com. You may request a copy of our complaints handling procedure at any time.
18. Your agreement with us
18.1 You agree that LLI is making no warranty or representation as to the ability of borrowers to pay and their credit risk. You further agree that we shall have no obligation to reimburse or indemnify you for any cost, loss or liability which you incur as a result of the failure of any borrower to perform its obligations under the Loan Facility Agreement and any other relevant loan documents. You acknowledge that you are lending entirely at your own risk.
18.2 We do not perform any management functions on your behalf. You retain complete control and discretion over whether or not to make a loan to a borrower and on what terms and over all other aspects of its participation in LLI and loans made through it. Nothing we do and nothing on our lending platform is intended to operate or be construed as advice or recommendation by us to enter into a particular loan.
18.3 The information on our lending platform does not constitute advice, recommendation or an endorsement of loan requests or borrowers. The information is not intended to be relied upon as a sole basis for deciding whether or not to lend to a particular borrower or loan.
18.4 We do not guarantee that there will be sufficient bids to fully fund loans and allow your funds to be lent out, that there will be sufficient borrowers for you to lend to or that there are sufficient other lenders to buy your loan or loan parts should you wish to sell them.
19. General terms
19.1 The information provided on our lending platform is directed solely at and is for use solely by lenders that meet the criteria set out in clause 3 above. The content provided through our lending platform is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be unlawful.
19.2 Our supplied content on our lending platform must not be copied or reproduced, modified, redistributed, used or otherwise dealt with for any other reason without our express written consent.
19.3 We are not responsible for content downloaded or posted by lenders or borrowers on the platform.
19.4 We will endeavour to allow uninterrupted access to the platform, but access to the platform may be suspended, restricted or terminated at any time at our sole discretion.
19.5 You agree to use our lending platform only for lawful purposes and in a way that does not infringe the rights of any anyone else or restrict or inhibit anyone else's use.
19.6 You warrant that you have taken all reasonable precautions to ensure that any data you upload or otherwise submit to our lending platform is free from viruses and anything else which may have a destructive effect on any part of our lending platform or any other technology.
19.7 The content and material available through our lending platform is for informational purposes only and should not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell investments, securities or any other financial services or banking product. You should seek independent financial or tax advice if you are unsure about whether a product is suitable.
19.8 You are responsible for all costs incurred by you in accessing the platform.
19.9 We accept no responsibility or liability for your use of content on the platform and such use is entirely at your own risk. While we take reasonable precautions to prevent the existence of computer viruses or other malicious programs on the platform, we accept no liability for them if they do exist. It is your responsibility to use, update and maintain appropriate antivirus software on your computer.
19.10 Information transmitted via our systems will pass over public telecommunications networks. We accept no liability if communications sent via the platform are intercepted by third-parties or incorrectly delivered or not delivered.
19.11 The platform may contain links to third-party websites. We accept no responsibility or liability for any material supplied by or contained on any third-party website which is linked from or to the platform, or any use of personal data by such third-party.
20. Your liability
20.1 You shall be liable to us for any loss or damage suffered by us as a result of any breach of these terms and conditions or any Loan Facility Agreement by you, or any fraudulent use of our lending platform.
21. Our liability
21.1 We shall not be liable to you for any loss or damage which you may suffer as a result of being a lender on our lending platform or using the services provided via our lending platform, except where such loss or damage arises from our breach of these terms and conditions or was caused by negligence, wilful default or fraud by us or our employees.
21.2 We are not responsible for any breach of these terms and conditions arising from circumstances outside our reasonable control. Our total liability to you in connection with these terms and conditions and your use of the services provided via our lending platform shall not exceed the amount of money you have lent giving rise to the liability.
21.3 Nothing in these terms and conditions shall limit our liability for personal injury or death, fraud, nor for any other liability is the exclusion or limitation of which not permitted by applicable law or regulation.
22. Amendments to these terms and conditions
22.1 We do need to update or amend these terms and conditions from time to time due to business changes or to comply with law. We may make such changes without your specific agreement if those updates are, in our reasonable opinion, of an immaterial and routine nature and may not always be able to give you advanced notice of such updates or amendments but we will post them on our lending platform.
22.2 By continuing to use our lending platform, or our services in allocating funds you have deposited, you agree to be bound by the terms of any updates and amendments implemented in accordance with clause 22.1.
22.3 These terms and conditions were last updated on 22 August 2023.
23. Other important terms
23.1 If any of these terms and conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall continue in full force and effect.
23.2 All disclaimers, indemnities and exclusions in these terms and conditions shall survive termination of the agreement between us.
23.3 We may, in whole or in part, release, compound, compromise, waive or postpone, in our absolute discretion, any liability owed to us or right granted to us in these terms and conditions without in any way prejudicing or affecting our rights in respect of that or any other liability or right not so released, compounded, compromised, waived or postponed.
23.4 No single or partial exercise, or failure or delay in exercising any right, power or remedy by us shall constitute a waiver by us of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these terms and conditions or otherwise.
23.5 These terms and conditions and the Loan Facility Agreements set out the entire agreement between you and us with respect to your use of our lending platform and the services provided via our lending platform and supersede any and all representations, communications and prior written or oral agreements made by you or us.
23.6 We may exercise any of its rights under these terms and conditions by ourselves or through any company or other legal entity which is under the control or ownership of us.
23.7 These terms and conditions are governed by English law. In the event of any matter or dispute arising out of or in connection with these terms and conditions, you and we shall submit to the non-exclusive jurisdiction of the English courts.
1. General
1.1 Your Innovative Finance Individual Savings Account (“IFISA”) will be managed by LandlordInvest Limited (“LLI”). We have been registered with HM Revenue and Customs (“HMRC”) as a manager of IFISA and have been approved under the ISA Regulations as an ISA manager.
1.2 Your IFISA will be registered in your name.
1.3 Your IFISA will be and must remain in your beneficial ownership and it must not under any circumstances be used as security for a loan.
1.4 To be eligible to apply for an IFISA:
1.5 You must without any delay inform us if you cease to be resident in the United Kingdom for tax purposes or to perform such duties or be married to, or in a civil partnership with, a person who performs such duties.
1.6 Any documents (loan agreements and other as applicable) evidencing your title to LLI IFISA investments will be held by us or as we may direct in accordance with the ISA Regulations.
1.7 We will notify you if, by reason of any failure to satisfy the provisions of the ISA Regulations, an ISA has, or will, become void. If the failure cannot be corrected or if you fail to take any action requested by us in writing within a reasonable period of time, we may close your IFISA account by written notice.
1.8 In addition to these IFISA Terms, you are also bound by LandlordInvest’s Lenders Terms and Conditions (as amended from time to time) (“LLI Lender T&Cs”).
2. Applying for an IFISA
2.1 Your application for an IFISA must be made electronically on our lending platform. All applications are subject to acceptance by LLI. We may require you to provide additional information to that provided in the IFISA online application form for the purposes of opening the IFISA.
2.2 We will carry out identity and fraud checks on you using credit reference agencies such as CallCredit, Equifax or Experian. LLI uses its own internal guidelines and policies when assessing applications. If we cannot get adequate information from the credit reference agency then we will ask you to send us copies of the relevant passports or other identification documents plus a utility bill and anything else that we may require.
2.3 Where accepted, the IFISA will be registered in your name and in the name of us as the manager of your IFISA manager and it will have a unique account number and the address of the IFISA will be the address set out in your online application form.
2.4 We will notify you by email once your IFISA has been opened.
3. Qualifying investments
3.1 The only investments that qualify for an IFISA and which we, as your ISA manager, may purchase, make or hold in an IFISA for you are Peer-to-peer loans and Cash.
3.2 There are limits on the amounts that you can subscribe or invest in an IFISA in each tax year (beginning on 6 April and ending on the following 5 April). The maximum you can subscribe in the 2024/25 tax year is £20,000.
3.3 Your cash is held in a segregated client account (“Client money”) with the Royal Bank of Scotland. On opening the IFISA your Client money will be held with the Royal Bank of Scotland while you decide what investments to invest in.
3.4 We do not pay interest on Client money.
3.5 It is your responsibility to comply with the restrictions set out in these IFISA Terms and in the ISA regulations. Any costs and charges incurred by us if you do not comply with these IFISA Terms shall be reimbursed by you.
3.6 If you apply to place funds into your IFISA account that exceed your annual subscription limit, then, in the absence of specific instructions from you, the excess subscription will be transferred to and held in a non-ISA LLI lending account (“Standard account”) until we receive your instructions.
4. Withdrawals
4.1 You may instruct us, in writing, to make a withdrawal of cash or any investment held within your LLI IFISA.
4.2 The withdrawal must consist of the cash initially subscribed or invested in the LLI ISA, or the income or interest received in respect to your P2P loans.
4.3 You have no withdrawal rights in relation to the non-cash IFISA investments that you have made.
5. Flexible ISA
5.1 The LandlordInvest IFISA is a flexible ISA. This means that you can replace, in whole or in part, cash you have withdrawn, without the replacement counting towards your subscription limit for a tax Year. Pursuant to the ISA Regulations in relation to flexible ISA:
6. Transfers In
6.1 We may accept a transfer of an existing Cash ISA, Stocks and Shares ISA, or IFISA, of which the balance must be at least £1000.
6.2 If we accept a transfer, you will need to sign a Transfer Authority form and send it to us.
6.3 The transfer process will begin on the date on the Transfer Authority form or the date you stipulate for us to begin the transfer process, whichever is later. We will then send your request for the transfer of money in your existing ISA to your existing ISA provider together with confirmation that we will accept the ISA transfer, within 5 business Days of receiving your Transfer Authority form.
6.4 We do not charge you for arranging a transfer of an ISA but the existing ISA manager may charge you for the transfer.
6.5 If you transfer more than one ISA from previous tax years to us, we will place all previous tax years’ cash holdings in a client deposit bank account with the Royal Bank of Scotland. This means that you will not be able to distinguish between your previous tax years holdings when viewing your holdings.
7. Transfers Out
7.1 If you choose to transfer funds out from your LLI IFISA to another ISA provider, you will not be charged a transfer fee by us, but your new ISA manager may charge you a fee in accordance with their terms and conditions.
7.2 You may transfer:
(a) some or all of the current year’s ISA subscriptions, and any income arising on those investments (current year account)
(b) some or all of the previous years’ ISA subscriptions, the investments bought with those subscriptions, and any income arising on those investments (prior years account)
7.3 You will need to contact the other ISA provider in order to arrange a transfer and you can choose the date funds are transferred, subject to us being allowed a reasonable period to implement that transfer. That reasonable period shall not exceed 30 days and shall be consistent with the requirements of the ISA Regulations.
8. Internal transfers
8.1 Cash in your Standard account can be transferred into your LLI IFISA account (subject to subscription limits), but your rights under existing loans cannot be transferred in and only new loans can be held in your LLI IFISA account.
9. Closing your IFISA account
9.1 You have the right to close your IFISA whenever you wish to. To close your IFISA you must provide us with written instructions, via email or post, to do so.
9.2. We have the right to close your IFISA and we will only exercise this right at our entire discretion where it is necessary to do so.
9.3 Where we are notified of your bankruptcy, we will take action to close your IFISA with effect from the date that the trustee in bankruptcy’s appointment takes place.
9.4 We will close your IFISA upon our receipt of written notice of your death. The tax benefits of your IFISA cease on your death such that future interest payments will not be exempt from tax. We may require a grant of probate or letters of administration before releasing any monies in your account to your executors.
9.5 Where your IFISA is to close and there are outstanding P2P loans held within the IFISA, we will take steps to encash all your P2P loans held within your IFISA, unless agreed otherwise with you. P2P loans are illiquid by their nature and there may be no active market for their sale. We will take reasonable steps to encash your P2P loans within a 30-day period, but the encashment value is likely to be less than the amount you initially subscribed or invested in your P2P loans.
9.6 Where your IFISA is to close and there is only cash held within your IFISA (either because any P2P loans held within the IFISA have been repaid or encashed), we will make payment into a bank account nominated by you.
9.7 We will notify you if by reason of any failure to satisfy the ISA Regulations, the IFISA has or will become void.
9.8 If you have subscribed to your LLI IFISA during a tax year and then close the account, otherwise than by transferring the money in your account to another ISA provider, you will not be able subscribe to another Innovative Finance ISA with another ISA provider in the same tax year.
10. Delegation of your IFISA account
10.1 We are entitled to delegate our functions and responsibilities but will only do so if we are satisfied that the person to whom we delegate such functions and responsibilities is competent to carry them out.
10.2 We will not be liable for the negligence or misconduct of such delegate provided always that we do not exclude or restrict liability owed to you by us under the ISA Regulations.
11. ISA Regulations
11.1 The management of your LLI IFISA account will be subject to the ISA Regulations. Any changes made by HMRC to the ISA Regulations that affect these terms will apply as soon as they come into effect.
11.2 We will inform you if your LLI IFISA account has or will lose its tax exemption through any failure to meet the ISA Regulations. If an investment which was previously allowed under the ISA Regulations ceases to be allowed, we will notify you and request your instruction to either sell the investment and reinvest the proceeds in the account, or transfer it out of the account.
12. Changing these Terms
12.1 We do need to update or amend these IFISA Terms from time to time due to business changes or to comply with law. We may make such changes without your specific agreement if those updates are, in our reasonable opinion, of an immaterial and routine nature and may not always be able to give you advanced notice of such updates or amendments but we will post them on our lending platform.
13. Cancellation
13.1 You may cancel your IFISA by giving us notice of cancellation within 14 days of your agreeing to these IFISA Terms. If you would like to cancel your IFISA please email us at ifisa@landlordinvest.com.
13.2 Should you choose to cancel your IFISA within the 14-day cancellation period referred to in clause 12.1, you will preserve your eligibility to open an ISA either with us or another ISA Manager. This will not apply if you cancel or end these IFISA Terms after this period.
13.3 When your account is cancelled, any money credited to your account will be transferred to a Standard account, which is subject to the LLI Lender T&Cs.
14. General
14.1 Where you do not apply for an IFISA you will not be bound by these IFISA Terms which only apply to those persons who apply and open an IFISA.
14.2 Capitalised terms defined in the LLI Lender T&Cs shall bear the same meaning in this Agreement.
Please read these terms and conditions carefully and print a copy for your future reference.
If you decide to become a borrower on LandlordInvest Limited (“LLI”, “Company”, “we”, “us”), you must comply with these terms and conditions. These terms and conditions should be read alongside our Privacy Policy (accessible here www.landlordinvest.com/privacy).
By using systems and services provided via the websites www.landlordinvest.com and www.landlordinvest.co.uk, any other online services provided by us and any data managed by, displayed on or transmitted from such services (“our lending platform”), you confirm that you have read, understood and agree to these terms and conditions and the privacy policy (each as amended from time to time). If you do not agree to these terms and conditions, you must stop using the lending platform immediately.
References to "you" and "your" mean a user of the lending platform and the services provided via our lending platform, whether as an individual or on behalf of an entity which meets the criteria set out in clause 3 below.
1. About us
1.1 LandlordInvest Limited is a company incorporated in England and Wales, whose registered number is 09245725 and whose registered office is at 330 High Holborn, London, WC2A 1HL. United Kingdom.
1.2 LandlordInvest Limited is registered with the Information Commissioner (ZA099073).
1.3 LandlordInvest Limited is authorised and regulated by the Financial Conduct Authority (FCA) (FRN 660926).
1.4 Loans provided to borrowers through LandlordInvest are provided solely for business purposes. Loans are therefore not regulated by the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974. You should seek independent legal advice if you are in any doubt as to the consequences of the loan not being a regulated agreement under those Acts.
1.5 LandlordInvest Limited is not covered by the Financial Services Compensation Scheme (“FSCS”). You may be entitled to compensation from the FSCS in respect of any money held by LandlordInvest Limited on your behalf if the bank or credit institution holding the money becomes insolvent. Further information is available at www.fcsc.org.uk and we would advise you further if this event were to occur.
1.6 For the purposes of the FCA's Client Money rules, you are not a client of LLI.
2. Our service
2.1 We provide the following services:
2.2 We are acting as an agent on behalf of lenders to Loan Facility Agreements originated through our lending platform and do not perform any advisory services.
2.3 For the avoidance of any doubt, we are not a lender or a borrower.
3. Become a borrower
3.1 To become a borrower on our lending platform you must meet the following conditions:
3.2 By entering into this agreement, you are not breaking any laws or regulations that are applicable to you nor is any company, trust or partnership upon whose instructions you are acting upon.
3.3 We are required to, and will carry out identity, fraud and credit checks on you, using credit reference agencies such as Call Credit, Equifax or Experian, once you are registered on our lending platform.
3.4 You warrant to us that all information that you provide in your loan application and during the underwriting process is accurate and true to the best of your knowledge. You will update us if any of the information you provide to us changes. Please note that some (but not all) of those details will be disclosed by us to lenders.
3.5 You warrant to us that you have disclosed any circumstances that might have an impact on your current or future financial conditions and standing (assets, liabilities, and claim by any third-party).
3.6 You agree with us that you will immediately notify us and provide us with details if you become aware of, or suspect, that any circumstances regarding you current or future financial standing might change.
3.7 You agree that, for as long as there are outstanding amounts owed by you to lenders on our lending platform, you will provide to us promptly on request by us (or our agent):
(a) bank statements, up-to-date balance sheet and cash-flow statements, as well as other financial information as we may require from time to time;
(b) details and documents relating to operational policies and procedures; and
(c)all relevant contracts or other documents that we may require from time to time including any auditor reports, insurance documents, group structure charts and key contracts or agreements.
3.8 You agree that, for as long as there are outstanding amounts owed by you to lenders on our lending platform, you will permit employees or agents of LLI on reasonable notice and during business hours to attend and inspect your premises and inspect any secured assets and any of your books, accounts and records and to make copies of any such information. You agree to meet with any such employee or agent within 21 days of request by us, and answer all reasonable queries of such employee or agent.
4. Borrowing account
4.1 You must provide a username and email address, enter a password and provide answers to two security questions when registering as a borrower with us. Each time you access your borrowing account you will need to enter your email address and password. Your username and password are unique to your borrowing account and are not transferable without our written consent.
4.2 You must keep your username, password and the answers to security questions secure at all times. You are responsible for all information and activity on our lending platform by anyone using your username and password. If you authorise anyone to use your borrowing account you will be responsible for their activity on the platform.
4.3 Any breach of security, loss, theft or unauthorised use of a username, password or security information must be notified to us immediately using the contact details here (www.landlordinvest.com/contact)
4.4 You agree not to adapt or circumvent the systems in place in connection with the platform, nor access our systems other than by using the credentials assigned to you and by following the instructions that we have provided for that type of connection.
4.5 We reserve the right not to act on your instructions where we suspect that the user logged into your borrowing account is not you or we suspect illegal or fraudulent activity or unauthorised use.
4.6 You agree that any and all personal information you provide to us via our lending platform may be collected, stored, processed and used in accordance with our Privacy Policy.
5. How to borrow
5.1 Once we have approved your application, and provided that you have satisfied our application and assessment criteria and conditions, agreed on key terms (interest rate, term etc.) which will be included in the Loan Facility Agreement, we will create a loan request page for your loan.
5.2 We may ask you to review and approve your loan request page prior to us posting it to our loans marketplace. We may amend or exclude any information provided by you on your loan request page.
5.3 The information on the loan request page cannot generally be edited once lenders can commit funds to your loan. Edits may only be made when there are any material changes to the loan listings, such as a new valuation report available, and at our sole discretion and without your prior approval.
5.4 We will assign you a risk rating, which is based on information included in your borrower's application and the results of an online check made with credit reference agencies such as Call Credit, Equifax or Experian.
5.5 Once the loan request is listed, prospective lenders will start bidding to lend to you parts or the whole of the amount you have requested (“Listing process”).
5.6 The listing process shall expire on the earlier of:
1. the date your loan request is fully funded;
2. the date falling 21 calendar days after the date the listing is commenced (unless otherwise amended by LLI in its absolute discretion); or
3. the date on which we de-list a loan where we have exercised our discretion to do so.
5.7 If the loan is not fully funded within the relevant listing period, or if we have exercised our discretion to de-list a loan, then your loan request will be cancelled, and any funds bid will be released back to lenders.
5.8 If the loan is fully funded within the relevant listing period, it will be offered to you. For all loans the offer will remain open and available for acceptance until 6pm on the fifth working day after the day that the funding period expires. There is no obligation on you to accept the aggregated loan request offer.
5.9 If you accept a loan you will not be able to amend the loan request page until such time as the entire loan has been repaid in full.
5.10 Interest shall accrue from the date set out in the Loan Facility Agreement.
5.11 Once you have accepted the aggregated loan request offer, you enter into a Loan Facility Agreement, and other relevant loan documents, with us as agent on behalf of the lender(s). The Loan Facility Agreement will include key contract terms, which set out the specific details of the loan, and our loan conditions. The money is then transferred from our client money accounts or, our solicitors client money accounts, to your solicitors bank or building society account.
5.12 Once you have accepted a loan it can be cancelled or repaid in accordance with the terms of the Loan Facility Agreement.
5.13 Lender's address in all Loan Facility Agreements will be quoted as "c/o LandlordInvest Limited" and state our postal address.
5.14 Each borrower agrees that all notices and communications to be given to a lender will be sent to us on that lender's behalf and that this is sufficient to identify the lenders for the purposes of the Loan Facility Agreement.
5.15 If your personal or company finances, business, governance structure or shareholder positions materially changes prior to us releasing funds to you, we may terminate the loan immediately without notice and in its absolute discretion. You will remain liable for any interest incurred between acceptance and termination.
5.16 We reserve the right to at any time and in our absolute discretion reject any application that do not meet our criteria or for any other reasons. We will inform you if your application is rejected. We may not always be able to disclose the reason(s) why your loan application was rejected.
5.17 We may, in our absolute discretion and per agreement with you, create a loan request page for you prior finalising our assessment of your application (“Pre-commitment loan request”). Lenders may pre-commit funds for your Pre-commitment loan request until such time as we, in our absolute discretion, remove the Pre-commitment loan request from the loans marketplace. Any successful funding for a Pre-commitment loan request is only indicative and does not mean that your loan will be fully funded as it depends on if you have satisfied our application and assessment criteria and conditions, which we will carry out during the period that lenders are able to make pre-commitments to your Pre-commitment loan request. A fully funded Pre-commitment loan request does not in any way mean that we will approve your application.
6. Fees
6.1 You are responsible to pay all third-party fees associated with your application prior to being accepted as a borrower by us, including but not limited to; valuation fees, conveyance fees, and credit referencing fees. All such fees shall only be paid to the third-party providers upon our instruction. You will not be reimbursed for any of these fees under any circumstances, even if your loan request in not accepted to our lending platform or funded within the relevant listing period as set out in the Listing Process.
6.2 We cannot guarantee that your loan request will be funded through our lending platform, after you have paid for the third-party fees specified in clause 6.1 above and we will not be liable for, or refund you any of these fees, under any circumstances.
6.3 We will charge you an arrangement fee of up to 2.5% of the outstanding principal (the "Arrangement Fee") (or such other amount as shall be notified by us time to time) upon your loan request being fully funded and accepted.
6.4 The Arrangement Fee will be deducted from your loan amount prior to transferring loan proceeds to your bank or building society account.
6.5 The Arrangement Fee might vary if your loan application is made by an agent on your behalf.
6.6 In addition, we have the right to charge you an annualised fee ("Servicing Fee") of up to 5% of the outstanding principal (or such other amount as shall be notified by us to lenders and borrowers from time to time) by increasing the interest rate charged on the loan to cover the costs of running the website and administering the loans. The Servicing Fee, if any, will be taken directly from loan repayments.
6.7 We may choose to waive or reduce any of the above stated fees from time to time.
7. Loan repayments
7.1 The Loan Facility Agreement sets out the terms for repayments, including interest and principal.
7.2 All repayments are to be made by a standing order, debit card or credit card as agreed in the Loan Facility Agreement.
7.3 All repayments are to me made latest on the day specified in the Loan Facility Agreement. If any payment under becomes due on a day that is not a business day, the due date of such payment will be extended to the next succeeding business day, or if that business day falls in the following calendar month, such due date shall be the immediately preceding business day.
7.4 Notwithstanding any minimum interest period as set out in the relevant Loan Facility Agreement, you may repay your entire loan without any prepayment penalties.
7.5 We may amend the Loan Facility Agreement with you. By doing so, we are authorised to act as agent on behalf of the lenders (in accordance with our agreed terms and conditions with the lenders) in agreeing such amendments.
8. Security and security enforcement
8.1 Your loan will be secured by a first or a second legal charge over the property which you obtain a loan and granted in favour of LandlordInvest Security Agent Limited ("LLI Security Agent") or any other firm appointed by us at our sole discretion to hold such security on the lender(s) behalf.
A reference to "Security Agent" is a reference to LLI Security Agent or any firm instructed by us, in its capacity as security holder of the security provided by you for your loan.
8.2 Where the Security Agent holds an assignment and/or legal mortgage in respect of a particular loan, that assignment and/or legal mortgage will generally operate to secure all monies due from you to all lenders on our lending from time to time, and generally be assignable by the Security Agent to any other third-party who may acquire all of the rights of lenders under the related Loan Facility Agreement.
8.3 You agree that the Security Agent shall be entitled to be repaid and indemnified of all costs incurred by them in connection with any necessary or desirable registration of the security constituted by any assignment and/or legal mortgage or any other security held from time to time in respect of your obligations under the Loan Facility Agreement at the Land Registry or any other body (as may be appropriate) and that you will, on demand, pay to the Security Agent (as security holder on behalf of the lenders) all such costs.
9. Arrears
9.1 Please contact us immediately if you believe that you may not be able to make one or more repayments under your Loan Facility Agreement.
9.2 If you miss a payment or only partially pay the amount due, we ourselves or through an agent acting on our behalf, will contact you and ask you to explain why and will attempt to recollect the payment. If our reattempt to collect the funds fails, 3 days after the payment was due your account will be treated as an overdue account, and we will continue to attempt to collect the funds.
9.3 We may refer the missed payment to a debt collections agency ("Collections Agency"), who will attempt to collect the money on the lenders' behalf.
9.4 We may charge you administration fees up to 15% of the missed payment amount which would be in addition to the loan sums due, if payment has still not been made 5 days from the date payment was due. This fee will be payable immediately.
9.5 We may also charge other reasonable fees to cover tracing charges, field agents' costs, litigation costs, expenses and other such third-party fees incurred by us or our agent in the course of protecting the interests of the lenders.
9.6 The loan will be placed into default and we will issue you with a default notice and termination notice and will pursue you for the total loan amount outstanding if you miss, fail to pay or only partially pay, three or more consecutive monthly instalments or four out of six consecutive monthly instalments, or if you otherwise fail to comply with any term or condition of the Loan Facility Agreement.
9.7 We will try to give you 20 days' notice before filing a default on your credit reference file although we may not always be able to do so.
9.8 If we (and/or the Collections Agency) is still unable to collect the debt, the Security Agent holding the legal charge on behalf of lenders may take such steps as it considers necessary or desirable to recover the amount owed. This includes, without limitation, to sell the debt to a debt purchaser or otherwise to pursue you (and any relevant guarantor) for the outstanding amounts through third-party debt collection agencies and/or the courts. If such further action is necessary, it is likely that significant costs will be incurred which will be passed on to you as the defaulting borrower.
10. Closing your borrower account
10.1 If you no longer want to be a borrower on our lending platform, and provided that you have no Loan Facility Agreements currently in force, you can let us know in writing and we will close your account.
10.2 We reserve the right to close your account at any time and for any reason, including but not limited to if:
you use our lending platform in any of the following ways:
10.3 For the avoidance of any doubt, termination of your online account with us will not necessarily result in a termination of any Loan Facility Agreement to which you are a party at that time.
11. Complaints
11.1 If you have a complaint, then you can contact us by phone on: 0207 406 1491 or by post at: LandlordInvest Limited, 330 High Holborn, London, WC2A 1HL or by email at complaints@landlordinvest.com. You may request a copy of our complaints handling procedure at any time.
12. Your agreement with us
12.1 Having a borrower account on our lending platform, does not in any way constitute an obligation on us to obtain funding for you or constitute a warranty by us that funding will be available.
12.2 Interest rates advertised on our lending platform are indicative only and we do not guarantee that the rates advertised will be available.
12.3 You cannot hold a lender account on our lending platform if you are a borrower on our lending platform.
13. Your liability
13.1 You shall be liable to us for any loss or damage suffered by us as a result of any breach of these terms and conditions or any Loan Facility Agreement by you, or any fraudulent use of our lending platform.
14. Our liability
14.1 We shall not be liable to you for any loss or damage which you may suffer as a result of being a borrower on our lending platform or using the services provided via our lending platform, except where such loss or damage arises from our breach of these terms and conditions or was caused by negligence, wilful default or fraud by us or our employees.
14.2 We are not responsible for any breach of these terms and conditions arising from circumstances outside our reasonable control. Our total liability to you in connection with these terms and conditions and your use of the services provided via our lending platform shall not exceed the amount of money you have borrowed giving rise to the liability.
14.3 Nothing in these terms and conditions shall limit our liability for personal injury or death, fraud, nor for any other liability, the exclusion or limitation of which is not permitted by applicable law or regulation.
15. General
15.1 The information provided on the platform is directed solely at and is for use solely by our lending platform’s registered lenders and borrowers. The content provided through our lending platform is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to applicable law or regulation.
15.2 You are permitted to download and print content from our lending platform, solely for your own personal use or in the course of your business to the extent required to use the services provided on this platform. Our supplied content must not be copied or reproduced, modified, redistributed, used or otherwise dealt with for any other reason without our express written consent.
15.3 We are not responsible for content downloaded or posted by lenders or borrowers on the platform.
15.4 We will endeavour to allow uninterrupted access to the platform, but access to the platform may be suspended, restricted or terminated at any time.
15.5 You agree to use the platform only for lawful purposes and in a way which does not infringe the rights of any anyone else or restrict or inhibit anyone else's use of the platform.
15.6 You warrant that you have taken all reasonable precautions to ensure that any data you upload or otherwise submit to our lending platform is free from viruses and anything else which may have a contaminating or destructive effect on any part of our lending platform or any other technology.
15.7 The content and material available through our lending platform is for informational purposes only and should not be regarded as an offer, solicitation, invitation, advice or recommendation to buy or sell investments, securities or any other financial services or banking product. You should seek independent financial or tax advice if you are unsure about whether a product is suitable.
15.8 You are responsible for all costs incurred by you in accessing the platform.
15.9 We accept no responsibility or liability for your use of content on the platform and such use is entirely at your own risk. While we take reasonable precautions to prevent the existence of computer viruses or other malicious programs on the platform, we accept no liability for them if they do exist. It is your responsibility to use, update and maintain appropriate antivirus software on your computer.
15.10 Information transmitted via our systems will pass over public telecommunications networks. We accept no liability if communications sent via the platform are intercepted by third-parties or incorrectly delivered or not delivered.
15.11 The platform may contain links to websites. We accept no responsibility or liability for any material supplied by or contained on any third-party website which is linked from or to the platform, or any use of personal data by such third-party.
16. Amendments to these terms and conditions
16.1 We do need to update or amend these terms and conditions from time to time to comply with law or due to business changes. We may make such changes without your specific agreement if those updates are, in our reasonable opinion, of an immaterial and routine nature and may not always be able to give you advanced notice of such updates or amendments but we will post them on our lending platform.
16.2 For the avoidance of doubt, the terms upon which you enter into a specific Loan Facility Agreement shall not be amended for the duration of that Loan Facility Agreement.
16.3 By continuing to use the platform, or our services in allocating funds you have deposited, you agree to be bound by the terms of any updates and amendments implemented in accordance with clause 16.4.
16.4 These terms and conditions were last updated on 5 July 2022.
17. Other important terms
17.1 If any of these terms and conditions is found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the remainder shall continue in full force and effect.
17.2 All disclaimers, indemnities and exclusions in these terms and conditions shall survive termination of the agreement between us.
17.3 We may, in whole or in part, release, compound, compromise, waive or postpone, in our absolute discretion, any liability owed to us or right granted to us in these terms and conditions without in any way prejudicing or affecting our rights in respect of that or any other liability or right not so released, compounded, compromised, waived or postponed.
17.4 No single or partial exercise, or failure or delay in exercising any right, power or remedy by us shall constitute a waiver by us of, or impair or preclude any further exercise of, that or any right, power or remedy arising under these terms and conditions or otherwise.
17.5 These terms and conditions and the Loan Facility Agreements set out the entire agreement between you and us with respect to your use of our lending platform and the services provided via our lending platform and supersede any and all representations, communications and prior written or oral agreements made by you or us.
17.6 We may exercise any of its rights under these terms and conditions by ourselves or through any company or other legal entity which is under the control or ownership of us.
17.7 These terms and conditions are governed by English law. In the event of any matter or dispute arising out of or in connection with these terms and conditions, you and we shall submit to the non-exclusive jurisdiction of the English courts.
Don't invest unless you're prepared to lose money. This is a high-risk investment. You may not be able to access your money easily and are unlikely to be protected if something goes wrong. Take 2 mins to learn more.
LandlordInvest Limited is authorised and regulated by the Financial Conduct Authority (FCA) (FRN 660926). LandlordInvest Limited is not covered by the Financial Services Compensation Scheme (FSCS).
Loans provided to borrowers through LandlordInvest are provided solely for business purposes. Loans are therefore not regulated by the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974. You should seek independent legal advice if you are in any doubt as to the consequences of the loan not being a regulated agreement under those Acts.
LandlordInvest Limited (Company No. 09245725), registered office 330 High Holborn, London, WC2A 1HL
