Disclaimer: Custom loans are not bound to collection floor prices. Borrowers can request any terms and amounts. Do your research before accepting loan requests.
Custom Loans bring a fresh evolution to our previous OTC loans. In the past, only lenders could create offers for borrowers.
This update transforms the process, introducing a “gallery-style” experience where both borrowers and lenders can initiate and craft loan offers. The result is a more dynamic, interactive, and user-friendly platform for everyone.
Think of it as browsing unique works of art—each offer is a masterpiece waiting to connect with the right match, just like walking through a gallery!
Borrow Page
The Borrow Page is where borrowers can request and manage their custom loan requests. Here’s what you need to know:
Borrowers:
Request a Custom Loan:
Click on "New Request" (on the left) to select your Ordinal collateral and specify your desired loan amount, term, and interest (the exact interest you'll pay for the total duration of the loan).
Submit this request to the platform, where lenders can view it in the loan marketplace.
Live requests will appear on the right side of the left side of the Borrow Page under "My Loan Requests."
View Lender Offers:
Lenders can directly make loan offers for assets you own.
These offers will appear on the right side of the Borrow page (underneath the title "Lender Offers"), allowing you to review, accept, or counter the terms.
Negotiate Terms:
Borrowers and lenders can use these offers to negotiate by creating counter-offers until both parties agree on loan terms.
Simply click the "Counter" button on existing Requests or Offers.
To enhance communication and streamline discussions, discussion channels are available on both Discord and Telegram.
Lend Page
The Lend Page serves as a hub for lenders to explore and act on custom loan opportunities. Here’s what’s in store for lenders:
Lenders:
Browse the Loan Marketplace:
View all active loan requests from borrowers, each specifying their desired terms (amount, term, and interest).
Note: Loan amounts are not bound to their collection floor prices. Do your research before accepting loans.Use advanced filtering and sorting options to find loans that align with your preferences.
These requests will appear on the right side of the Lend Page under the "Available Borrower Requests" title.
Make Offers on Specific Ordinals:
If you’re interested in a specific ordinal collateral owned by a borrower, you can make a direct loan offer.
These offers will appear on the left side of the Lend Page under "My Direct Offers." The Borrower will see them on the Borrow Page and can then review, accept, or counter your terms.
Facilitate Negotiation:
Collaborate with borrowers through counter-offers to finalize terms that work for both parties.
Simply click the "Counter" button on existing Requests or Offers.
To enhance communication and streamline discussions, discussion channels are available on both Discord and Telegram.
What Stays the Same
Loan Repayments and Defaults
If borrowers repay loans on time, lenders will receive the interest.
If borrowers fail to repay a loan on time, the loan will default and the lender will receive the collateral.
Loan Finalization and Management:
As always, once a borrower and lender agree on terms, they must countersign in the Portfolio Page to initiate the loan.
Loan activity is managed in the Portfolio Page, ensuring a seamless experience.
Transaction Fees:
Borrowers are responsible for covering the transaction fee required to start a loan which is deducted directly from the loan amount when the loan is initiated.
Custom Loans unlock endless possibilities for borrowers and lenders, creating a more dynamic and customizable borrowing and lending experience. With this feature, both parties can now create offers, making the process more collaborative. Plus, users can explore requests as if browsing a gallery—intuitive, engaging, and efficient.