SALT

cefi_salt · cefi_desk · operated by SALT

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 SALT rate card — 12-month term (term_days = 365).
Rate certainty	fixed_at_origination source SALT rate card — fixed posted rate. NOTE: the live page publishes only a floor ("rates starting at 7.49%"); the apr_high of 14.45% is carried from a prior card and was NOT re-confirmed against the live page.

Quality

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

Oracle dependency	undisclosed source SALT rate card (https://saltlending.com). LTV liquidation is stated; the price source is not.
Default & liquidation	threshold source SALT rate card — LTV-triggered liquidation, up to 70% max LTV.
Custody & backing	third_party_custodial source SALT rate card — desk custody (custody_model = custodial); no rehypothecation statement either way.
Recourse	undisclosed source Not published on the rate card.

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: none — CeFi desks publish no loan book. Quantity is unobtainable at this venue, not merely unbuilt — declared rather than left blank, per spec §8.1. composition: none — CeFi desks publish no loan-level data. Unobtainable, not unbuilt.

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: none — CeFi desks publish no loan book. Quantity is unobtainable at this venue, not merely unbuilt — declared rather than left blank, per spec §8.1.

composition: none — CeFi desks publish no loan-level data. Unobtainable, not unbuilt.

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.