Hi, Dev! Tell me more about how the lender's interaction will be handled and tell about the details of your platform?
What kind of platform details you would like to know?
I wanna know the whole process from the start and until the end.
WP, page 7, it's easy to find
1. The loan originator adds a new loan to the system via the Dashboard. After the loan details
are validated and successfully verified by platform personnel, the loan smart contract is
created and published onto the platform.
2. Users purchase Loan Participation Notes (LPN) for a particular loan by transferring a desired
amount of TLN to the loan address. The loan smart contract then generates the LPN contract
with a principal value equating to the amount of TLN transferred by the user as well as a
personal repayment schedule based on the creation timestamp of the LPNs and loan terms.
3. The LPNs are linked to the user’s ETH wallet address as the beneficiary of the interest
payments. The total amount of TLN received from all users are transferred to the Loan
Originator’s account as the loan principal.
4. In accordance with the loan smart contract schedule, the loan originator sends interest
payments and principal repayments (if applicable) total to the platform.
5. The Loan Participation Note contract requests the relevant share of interest payment and
principal payment (if applicable) from the loan smart contract. The LPN contract then receives
the funds and sends it to the associated account.
6. After performing the last transaction by the loan originator, the LPN contract closes the
repayment schedule and sends the interest along with the remaining TLN principal to the
associated account.
7. The user account receives TLN and sends the LPNs back simultaneously. The loan is then
considered closed, the wallet address association is removed and the LPN contract is
considered fully executed.