> For the complete documentation index, see [llms.txt](https://docs.usegimbal.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.usegimbal.app/guides/lending.md).

# Lending on your own terms

Posting standing and targeted offers on the Lend screen, choosing the three offer flags, and what each slice pays back.

Nothing is pooled. Each lender picks the collateral, the LTV ceiling, the term and the rate, and every position stands alone. A loan that goes wrong elsewhere stays with the lender who priced it.

## Eligibility

The `LENDER_PROFESSIONAL` attestation is issued to professional clients: family offices, market makers, crypto credit funds and firms like them. Where the rules allow, retail lending opens one jurisdiction at a time; the list is on [Jurisdictions](/compliance/jurisdictions.md).

You also need a Robinhood Chain wallet, and USDG in one of two places: approved to `TermDesk` (a Permit2 approval works too), or parked in the Morpho vault on the whitelist, with `parkIdle` set on your offers.

## The Lend screen

Three readouts head the screen: Open requests, Open demand and Lend capacity. Below them, "Open borrow requests" is the order book, filterable by collateral and term. Each row carries the borrower's address, collateral and tier, principal, LTV, Max APR, term and the launch window remaining.

### Targeted offers

Press "Make offer" on a row. The form becomes a "Targeted offer": collateral, term and request are locked and the APR is prefilled with the borrower's ceiling. Sign, and the offer is live: the signature is the offer itself, and no gas changes hands.

### Standing offers

"Post a standing offer" is the form in its default state. A standing offer covers either one token ("This token only") or a whole tier ("Whole tier"), with a maximum principal, a minimum fill, an APR, a maximum LTV (never above the tier limit), a term and an expiry in days. It rests like a limit order: requests draw on it until its capacity is spent or its expiry passes. Standing offers are the book's depth and the normal way a professional desk runs.

### Three flags

The form ends with three toggles. Each sets a bit in the offer's `flags`.

| Toggle                       | Flag                        | What it changes                                                                                                                                          |
| ---------------------------- | --------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Take collateral in kind      | `selfLiquidate`             | On liquidation you receive collateral valued at the oracle price, capped at your proportional share of the escrow, instead of waiting for sale proceeds. |
| No closed-market liquidation | `noClosedMarketLiquidation` | An auction opened while the equity market is closed leaves your slice out. You carry the gap risk yourself.                                              |
| Park idle capital            | `parkIdle`                  | Unmatched USDG stays in the Morpho vault, and the desk withdraws exactly the fill amount at origination.                                                 |

After "Sign and post offer", the "Your offers" table tracks each one: market or tier, remaining capacity, APR, term, expiry, status and a "targeted" badge where relevant.

## Slices

Each fill is a slice, minted to you as a slice token. "Slices you hold" on the Positions screen lists each with its loan, collateral, your principal and APR, interest accrued (per second, at your rate), the loan's health factor, maturity and status. It also shows if the collateral's market is open, the oracle price's age, any rollover auction under way, the rest of the syndicate and the borrower's other slices.

## What comes back

| Event             | Your payout                                                                                                                                     |
| ----------------- | ----------------------------------------------------------------------------------------------------------------------------------------------- |
| Full repayment    | Your principal and the interest on your slice, after the 10 percent protocol share, paid in the borrower's own transaction.                     |
| Partial repayment | Your principal falls by your slice's share of the payment.                                                                                      |
| Rollover clears   | Everything you are owed, principal and accrued interest, once the incoming syndicate is funded. Accepting at the new rate keeps you in instead. |
| Liquidation       | Your proportional cut of the proceeds and of the penalty, or collateral in kind under `selfLiquidate`.                                          |

## Rollover auctions

A borrower who calls `openRefinance` starts a rate climbing from the loan's blended APR towards a cap, 4 points above it, over 4 hours. Accept whenever the rate suits you, by presenting a signed lend offer priced at or below the going rate. Or give a keeper a rate limit to act on, and no rollover you wanted slips past while you are away.

## Withdrawing an offer

Cancel from the "Your offers" table. On-chain, `cancel(nonce)` sets one bit in your nonce bitmap and kills every offer carrying that nonce; `cancelWord` retires up to 256 nonces at once. Offers also lapse at the expiry you gave them.

## Fees

* 10 percent of interest earned, netted from each payout.
* 5 percent of the yield on parked capital, once that fee is switched on through the timelock.

## Advice from the desk

* Want more cushion than the tier default? Put `maxLtvBps` under the tier maximum.
* Take Tier C tokens one at a time, and only after reading DEX depth and the auction record on the public risk page, Telemetry.
* Give each standing offer an expiry you would defend. A 90-day offer at yesterday's rate gets filled exactly when you least want it.
* Happy to hold the stock? Set `selfLiquidate`. Never want a weekend sale? Set `noClosedMarketLiquidation` and charge for the gap risk in your APR.


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