> ## Documentation Index
> Fetch the complete documentation index at: https://docs.mezzamine.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Loan Process

> The six stages every Mezzamine program moves through, from inquiry to closeout.

Every program moves through the same six stages.

<Frame>
  <img className="block dark:hidden" src="https://mintcdn.com/maestro-mezzamine/2IS7qESn1HrRbxxY/images/loan-process-light.svg?fit=max&auto=format&n=2IS7qESn1HrRbxxY&q=85&s=7a786a261eadf4b18860b4f5a88b2dea" alt="The six stages of a Mezzamine program: inquiry and diligence, term alignment, program creation and commitment, activation and funding, active program and monitoring, repayment and closeout." width="1000" height="560" data-path="images/loan-process-light.svg" />

  <img className="hidden dark:block" src="https://mintcdn.com/maestro-mezzamine/2IS7qESn1HrRbxxY/images/loan-process-dark.svg?fit=max&auto=format&n=2IS7qESn1HrRbxxY&q=85&s=dd27f7f2937f69b8cc98a5e0fb2d855e" alt="The six stages of a Mezzamine program: inquiry and diligence, term alignment, program creation and commitment, activation and funding, active program and monitoring, repayment and closeout." width="1000" height="560" data-path="images/loan-process-dark.svg" />
</Frame>

<Steps>
  <Step title="Inquiry and diligence">
    Mezzamine reviews the operation, fleet, and financials against the onboarding questionnaire and returns a fit assessment with an indicative term outline.
  </Step>

  <Step title="Term alignment">
    Both sides agree loan size, tenor, repayment structure, collateral composition, hedging strategy, monitoring requirements, and pricing in a term sheet.
  </Step>

  <Step title="Program creation and commitment">
    The borrower creates the program on the platform and deposits collateral into escrow. Lenders commit until the capital target, or an acceptable threshold, is reached.
  </Step>

  <Step title="Activation and funding">
    Loan documents are executed and liens perfected, hedge mandates and custody are set, and proceeds are disbursed in BTC into the agreed mining use.
  </Step>

  <Step title="Active program and monitoring">
    Mezzamine monitors hashrate, production, power costs, and collateral coverage through API integration, manages the hedge, and collects scheduled BTC repayments.
  </Step>

  <Step title="Repayment and closeout">
    On full repayment, collateral and any remaining hedge margin and profits return to the borrower. Borrowers in good standing can refinance or open new facilities through streamlined re-onboarding.
  </Step>
</Steps>

## What diligence covers

The onboarding questionnaire collects the information below. Its outputs feed directly into program structuring.

| Category                 | Information collected                                                                               |
| ------------------------ | --------------------------------------------------------------------------------------------------- |
| Company and standing     | Legal entity, ownership and management, jurisdiction, operating history, references                 |
| Operations and locations | Facility locations, hosting arrangements, infrastructure ownership, energy contracts                |
| Fleet composition        | ASIC models, deployed hashrate, hardware age, efficiency (J/TH), upgrade plans                      |
| Energy and costs         | Power cost per kWh, energy source, contract type and tenor, hosting fees                            |
| Production history       | Reward addresses and verifiable hashrate and BTC production over six to twelve months               |
| Financial performance    | Operating revenue and costs, BTC treasury, existing debt, balance sheet position                    |
| Capital need             | Loan size, intended use of proceeds, desired tenor                                                  |
| Collateral capacity      | BTC available to pledge, hashrate available to route, hardware and other assets available to pledge |

The questionnaire is available through [miner onboarding](https://www.mezzamine.com/miner-onboarding).