Start a Loan
Initializing a New Loan - Asset Vault or Single NFT
- Borrowers can optionally set LoanTerms on their Vault or Single NFT including loan duration, principal, interest, collateral token ID, payable currency, and the number of installment payments.
createLoanTerms(), createInstallmentLoanTerms()
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Lenders can also make offers on unmatched Vaults or Single NFTs. Lenders must give an allowance to the lending protocol for the principal of the loan.
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Once an offer is agreed upon, the confirming party (Borrower or Lender) signs the loan terms and initializes the loan with the OriginationController.
initializeLoan(), initializeLoanWithItems()
- The OriginationController then transfers Borrower and Lender assets to LoanCore.
transferFrom(), safeTransferFrom()
- LoanCore starts the loan - minting and distributing PromissoryNotes (ERC721) to borrower and lender in the form of a BorrowerNote and a LenderNote.
mintLoanNotes(), transferFrom(), safeTransferFrom()
- LoanCore transfers the agreed upon principal (net of fees) to borrower.
safeTransfer(), startLoan()
Updated 9 months ago