down-payment-faq.md

Down Payment FAQ

How to decide the percentage of the down payment?

Down Payment = Total price - 40%/30% of the Floor Price

Collection	LTV	Down Payment
BAYC CryptoPunks	40% of the floor price	60% or more
MAYC Doodles & Space Doodles CloneX Azuki	30% of the floor price	70% or more

If the total price of the NFT is much higher than the collection floor price, the percentage of the down payment will increase.

What are the details of payment installments?

No payment installment. You take an NFT-backed loan and then become a borrower on BendDAO. You can repay any time you like. There is no fixed time period to pay back the loan. But you do need to keep an eye on the loan health factor to avoid liquidation. As time passes, the accrued interest will grow making the health factor decrease, which might result in more likely to be liquidated.

{% content-ref url="liquidation.md" %} liquidation.md {% endcontent-ref %}

Which collections are supported with a down payment?

BAYC, CryptoPunks, MAYC, Doodles, Space Doodles, CloneX and Azuki

What will be in my wallet after the down payment?

The boundNFT will be in your wallet since the original NFT is used as collateral.

{% content-ref url="../lending-protocol/boundnft.md" %} boundnft.md {% endcontent-ref %}

How can I get my mortgaged NFT back?

You will receive the NFT when you pay off the loan.

Which marketplace is supported?

BendDAO, OpenSea, Looksrare and X2Y2.