What happens when the a loan period needs to be extended?

If a loan needs to be extended, it can be extended for up to 3 months without prior permission from the lenders and without any increase in interest. However, if the extension goes beyond 3 months, an additional default interest of 4% per year will be applied.

Of course, Valvest aims to always honor agreements. However, unforeseen events may require extensions, which are often in the best interest of the lenders as well.