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

# For lenders

Lending on Syndromics is closer to running a small credit book than to depositing in a pool. You choose which collateral, which LTV, which term and which rate. In return, your exposure is isolated: what you price is what you carry, and nothing else.

## Who can lend

Lenders are professional clients: crypto credit funds, market makers, family offices and similar. Retail lending opens jurisdiction by jurisdiction where it is permitted. See [Jurisdictions](/compliance/jurisdictions.md).

## What you need

* A wallet on Robinhood Chain.
* USDG, with an approval to `LoanSettlement` (or Permit2), or a balance in the whitelisted Morpho vault with `parkIdle` set.
* A `LENDER_PROFESSIONAL` attestation.

## Two ways to lend

### Targeted offers

Browse open borrow requests filtered by collateral, tier, LTV, term and APR. Sign an offer against a specific request with one click. No gas; the signature is the offer.

### Standing offers

Post an offer against a token or a whole tier: principal range, APR, maximum LTV, term, expiry. It behaves like a limit order and can be filled by many borrowers over time until its capacity or expiry runs out. Standing offers are what keep the book live and are the expected mode for professional lenders.

## Offer flags

| Flag                        | What it does                                                                                    |
| --------------------------- | ----------------------------------------------------------------------------------------------- |
| `selfLiquidate`             | Take collateral in kind at oracle price on liquidation rather than USDG proceeds.               |
| `noClosedMarketLiquidation` | Waive liquidation of your slice while the underlying market is closed. You accept the gap risk. |
| `parkIdle`                  | Park unmatched USDG in the Morpho vault and have it withdrawn just in time at settlement.       |

## Your portfolio

Each filled slice is a position NFT in your wallet. The dashboard shows, per position:

* principal, APR, accrued interest to date,
* loan health factor, session status of the collateral, oracle staleness,
* maturity and whether a refinance auction is open,
* the borrower's other slices and the syndicate composition.

## Being repaid

* On full repayment you receive principal plus your slice's interest, net of the protocol's 10% interest share, in the same transaction the borrower repays.
* On partial repayment your principal reduces pro rata.
* On refinance you are repaid in full (principal plus accrued interest) when the new syndicate clears, unless you accepted the new rate yourself.
* On liquidation you receive proceeds pro rata plus your share of the penalty, or collateral in kind if you set `selfLiquidate`.

## Refinance auctions

When a borrower opens a refinance auction on a loan you hold, the rate rises from the current blended APR toward a cap. You can accept at any point, or pre-authorise a keeper to accept on your behalf up to a rate limit so you never miss a rollover you would have wanted.

## Cancelling offers

Cancel a single offer or a whole range with one on-chain call that flips a nonce bit. Offers also expire on their own.

## Fees

* 10% of interest paid, netted from your payout.
* 5% of idle-capital vault yield once that fee is switched on through the timelock.

## Practical guidance

* Set `maxLtvBps` below the tier maximum if you want more buffer than the protocol default.
* Opt into Tier C tokens deliberately, one at a time, after checking DEX depth and past auction performance on the risk page.
* Use standing offers with realistic expiries; a 90-day standing offer at a rate the market has moved past will fill at a bad time.
* If you want the stock, set `selfLiquidate`. If you never want to be liquidated into a weekend book, set `noClosedMarketLiquidation` and price the gap risk into your rate.


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