This is a sample Cordapp which demonstrate a high level Syndicated Lending scenario on a Corda network.
Syndicated lending comprises of multiple banks coming together to service the loan requirement of a borrower. Generally a lead bank is appointed who coordinated the process to forming a syndicate with other participating banks and agreeing on loan terms.
See https://docs.corda.net/getting-set-up.html.
Open a terminal and go to the project root directory and type: (to deploy the nodes using bootstrapper)
./gradlew clean deployNodes
Then type: (to run the nodes)
./build/nodes/runnodes
PeterCo (as a borrower) starts the SubmitProjectProposalFlow in order to submit the project details to a group of
lenders and request for funds.
Go to PeterCo's terminal and run the below command
start SubmitProjectProposalFlow lenders: [BankOfAshu, BankOfSneha], projectDescription: "Overseas Expansion", projectCost: 10000000, loanAmount: 8000000
Validate the project details are created and shared with the lenders successfully by running the vaultQuery command in each lender's terminal and borrower's terminal.
run vaultQuery contractStateType: net.corda.samples.lending.states.ProjectState
Once the lenders have verified the project details and done their due deligence, they could submit bids for loan.
Goto BankOfAshu's terminal and run the below command. The project-id can be found using the vaultQuery command shown earlier.
start SubmitLoanBidFlow borrower: PeterCo, loanAmount: 8000000, tenure: 5, rateofInterest: 4.0, transactionFees: 20000, projectIdentifier: <project_id>
Validate the loanBid is submitted successfully by running the vaultQuery command below:
run vaultQuery contractStateType: net.corda.samples.lending.states.LoanBidState
Now the borrower can inspect the loan terms and approve the loan bid, to start the syndication process.
Go to PeterCo's terminal and run the below command. The loanbid-identifier can be found using the vaultQuery command used earlier.
start ApproveLoanBidFlow bidIdentifier: <loanbid-identifier>
One the loan bid has been approved by the borrower, the lender can start the process of creating the syndicate by acting as the lead bank and approach participating bank for funds.
Goto BankOfAshu's terminal and run the below command.
start CreateSyndicateFlow participantBanks: [BankOfSneha, BankOfTom], projectIdentifier: <project-identifier>, loanDetailIdentifier: <loanbid-identifier>
Verify the syndicate is created using the below command:
run vaultQuery contractStateType: net.corda.samples.lending.states.SyndicateState
On receiving the syndicate creation request, participating banks could verify the project and loan terms and submit bids for the amount of fund they wish to lend by using the below flow in BankOfSneha or BankOfTom node.
start SyndicateBidFlow$Initiator syndicateIdentifier: <syndicate-id>, bidAmount: <lending-amount>
Verify the syndicate bid is successfully created using the below command:
run vaultQuery contractStateType: net.corda.samples.lending.states.SyndicateBidState
The lead bank on receiving bids from participating banks could approve the bid using the below flow command.
start ApproveSyndicateBidFlow bidIdentifier: <sydicatebid-id>