Facility lifecycle

End to end, a facility moves through these phases, and each maps to a guide and an endpoint.

1. Onboard the borrower: submit the signature on the master loan agreement; eligibility is evaluated asynchronously → borrower.eligible. Guide
2. Keep the portfolio in sync: push every change and expose a URL CLC can read; collateral value sets the margin call price. Guide
3. Request a facility (POST /v1/facilities) → underwriting → facility.decisioned. On approval CLC registers the lien and sets the floor. Guide
4. Draw (revolving, T+0) → draw.completed. Guide
5. Repay (interest → fees → principal) → repayment.applied. Guide
6. Monitor (collateral & health); on a floor breach → margin-warning ladder → .raised / .cured / .escalated. Guide
7. Margin call (CLC-instructed, whole portfolio) → .started / .completed. Guide
8. Close (with a zero balance) → lien released → facility.closed. Guide

States

APPLIED → APPROVED ⇄ MARGIN_WARNING → (MARGIN_CALL) → CLOSING → CLOSED, or DECLINED / DEFAULTED.