diff --git a/netbox/ipam/models/l2vpn.py b/netbox/ipam/models/l2vpn.py
index 809007033..9718e9cab 100644
--- a/netbox/ipam/models/l2vpn.py
+++ b/netbox/ipam/models/l2vpn.py
@@ -4,6 +4,7 @@ from django.contrib.contenttypes.models import ContentType
 from django.core.exceptions import ValidationError
 from django.db import models
 from django.urls import reverse
+from django.utils.functional import cached_property
 
 from ipam.choices import L2VPNTypeChoices
 from ipam.constants import L2VPN_ASSIGNMENT_MODELS
@@ -68,6 +69,13 @@ class L2VPN(NetBoxModel):
     def get_absolute_url(self):
         return reverse('ipam:l2vpn', args=[self.pk])
 
+    @cached_property
+    def can_add_termination(self):
+        if self.type in L2VPNTypeChoices.P2P and self.terminations.count() >= 2:
+            return False
+        else:
+            return True
+
 
 class L2VPNTermination(NetBoxModel):
     l2vpn = models.ForeignKey(
diff --git a/netbox/templates/ipam/l2vpn.html b/netbox/templates/ipam/l2vpn.html
index 44a1da818..c19363d33 100644
--- a/netbox/templates/ipam/l2vpn.html
+++ b/netbox/templates/ipam/l2vpn.html
@@ -59,7 +59,7 @@
       </div>
       {% if perms.ipam.add_l2vpntermination %}
         <div class="card-footer text-end noprint">
-          <a href="{% url 'ipam:l2vpntermination_add' %}?l2vpn={{ object.pk }}&return_url={{ object.get_absolute_url }}" class="btn btn-primary btn-sm">
+          <a href="{% url 'ipam:l2vpntermination_add' %}?l2vpn={{ object.pk }}&return_url={{ object.get_absolute_url }}" class="btn btn-primary btn-sm{% if not object.can_add_termination %} disabled" aria-disabled="true{% endif %}">
             <i class="mdi mdi-plus-thick" aria-hidden="true"></i> Add a Termination
           </a>
         </div>