Ledn

cefi_ledn · cefi_desk · operated by Ledn

8 of 8 criteria researched.

Price

What does credit cost here, and how is the price formed?

Rate formation	posted_card source Published rate card at the desk's own site (cefi_credit_rates.source_url), re-fetched daily and last confirmed 2026-07-30. posted_card per v1 §8.2: the rate is an OFFER, not a transacted price — no desk publishes a loan book, which is why these venues' quantity and composition axes are declared unobtainable rather than missing.
Term structure	fixed_term source Ledn rate card — 12-month term (cefi_credit_rates.term_days = 365).
Rate certainty	fixed_at_origination source Ledn rate card — fixed posted rate, tiered by size (9.25% at $2M+, 11.49% under $250k; retail taken as representative). A 2% admin fee is charged and is NOT in the quoted APR.

Quality

What stands behind a position, and what can change under the reader?

Oracle dependency	undisclosed source Ledn rate card (https://www.ledn.io/borrowing). LTV thresholds are published — warn at 70%, margin call at 75% — but the price source used to mark collateral against them is not. The question applies; the desk does not answer it.
Default & liquidation	threshold source Ledn rate card — LTV-triggered: 50% max LTV at origination, warning at 70%, margin call at 75%. Threshold-driven rather than discretionary, though the mark that triggers it is undisclosed.
Custody & backing	third_party_custodial source Ledn rate card — the desk takes custody and states that collateral is not rehypothecated (cefi_credit_rates.custody_model = custodial_no_rehypo).
Recourse	undisclosed source Not published on the rate card. Non-recourse is the convention for BTC-backed consumer lending, but a convention is not a source and this column will not carry an assumption.

Composition

Who and what makes up this market?

Collateral accepted	BTC (desk-held, representation not disclosed) source cefi_credit_rates.collateral_class = btc for every borrow product on this desk. Desks take native BTC into custody rather than a wrapped on-chain representation, so there is no token address to cite — which is also why none of this collateral is independently observable.
Observability	price: partial — Rate card held for a single effective date (2026-07-21) in cefi_credit_rates — a snapshot, not a history. A posted card is also an offer, not a transacted rate, which is what the posted_card mechanism label exists to say. The declared backfill_horizon is that one date. quantity: partial — Attested report — the Ledn Open Book Report, monthly since 2025-12, independently observed by The Network Firm: loans outstanding, BTC collateral, average LTV and custody status, backfillable to launch. Aggregate-only is the accepted grade, not a deficiency (§12 Q5 closure, D26). Manual-verified versioned config, dated, per-row source citation, no scraper. Staleness is declared at the source's native monthly cadence plus grace, not the 45-day card rule. Ledn being the only desk on this surface with an independently observed book is itself a composition finding. composition: partial — Aggregate statistics only — an average LTV is a point statistic, not a distribution, and this cell says which it is (D26). Loan-level composition is unobtainable everywhere in this class and remains declared so (§8.1).

Collateral accepted

BTC (desk-held, representation not disclosed)

source

cefi_credit_rates.collateral_class = btc for every borrow product on this desk. Desks take native BTC into custody rather than a wrapped on-chain representation, so there is no token address to cite — which is also why none of this collateral is independently observable.

Observability

price: partial — Rate card held for a single effective date (2026-07-21) in cefi_credit_rates — a snapshot, not a history. A posted card is also an offer, not a transacted rate, which is what the posted_card mechanism label exists to say. The declared backfill_horizon is that one date.

quantity: partial — Attested report — the Ledn Open Book Report, monthly since 2025-12, independently observed by The Network Firm: loans outstanding, BTC collateral, average LTV and custody status, backfillable to launch. Aggregate-only is the accepted grade, not a deficiency (§12 Q5 closure, D26). Manual-verified versioned config, dated, per-row source citation, no scraper. Staleness is declared at the source's native monthly cadence plus grace, not the 45-day card rule. Ledn being the only desk on this surface with an independently observed book is itself a composition finding.

composition: partial — Aggregate statistics only — an average LTV is a point statistic, not a distribution, and this cell says which it is (D26). Loan-level composition is unobtainable everywhere in this class and remains declared so (§8.1).

There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.