A lending market only works if someone is willing to step in when a borrower falls behind. In RNT Lend that someone is a liquidator. When a position on @RNTProtocol crosses the 80% liquidation threshold, a liquidator repays the outstanding stablecoin debt and receives the real-estate collateral at a 10% discount. The parameters are the same for every property: > 75% maximum loan-to-value, > 80% liquidation threshold, > 10% bonus. They are published on the reserve page before any deposit is made. Without that role, suppliers of USDT and USDC have no one protecting the pool. With real estate as collateral, the liquidator also needs a place to exit the tokens once the position is closed. That place is RNT P2P. Selling on RNT P2P is straightforward. > The wallet that holds the tokens connects, > creates an offer for a specific property and quantity at a chosen price, and the offer appears on the public list. > A buyer accepts and the transfer settles onchain on Polygon. While the offer remains open the seller can edit or cancel it from “My offers.” The same path is available to liquidators who have just taken collateral. The token itself is not a slice of the building. Each property sits inside its own special-purpose vehicle. The token is a participation in that SPV’s investment; the SPV is the entity that holds the title. That structure is why the token can be posted as collateral in RNT Lend or transferred on RNT P2P without anyone touching the land registry. @rntprotocol