> For the complete documentation index, see [llms.txt](https://docs.lombard.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.lombard.fi/protocol-design/lenders.md). # Lenders The *Lenders* are crypto/DeFi native users and institutions, who are looking for a set in stone solution allowing them to capture а part of the interest the market-neutral strategies are generating on centralized exchanges and private capital markets without the complexity of running the infrastructure to execute the trades or having access to an institutional-grade lending desk. * **Single-borrower pool**: You decide who to lend to. No more consolidated risk among dozens of borrowers. You are lending to a single entity, executing a clear investment strategy. Not a number of lenders, most of whom you have never head of. * **Fixed terms**: Fixed maturity that matches your investment horizon. Predictable, fixed in-kind yield locked today. Fixed collateral - both in terms of type and coverage levels. * **Risk management**: Full transparency. Independent credit ratings. Permissionless collateral custody and transfer. * **Yield on every asset**: Stables and blue chips are widely available. On top of them, LombardFi improve markets’ capital efficiency by making mid-, smallcap or obscured assets productive again. **How does it work?**
The key parameters of each loan requested are defined in the so-called “[Term Sheet](/protocol-design/term-sheet.md)” that is presented to the Lenders once the pool is created and the bonding period begins.