# Collateral Onboarding Call #47 - Summary
August 17th, 2022

## Agenda

- [00:00](https://youtu.be/LOQm8NxzR7w): Intro with Retro
- [00:57](https://youtu.be/LOQm8NxzR7w?t=57): BlockTower Credit with Kevin Miao, Jack Carlisle, Kevin Chan, and Anant Matai
- [23:36](https://youtu.be/LOQm8NxzR7w?t=1416): Q&A and Discussion about BlockTower Credit

## Video

<https://youtu.be/LOQm8NxzR7w>

## Introduction

### Retro

#### Agenda and Preamble
[00:00](https://youtu.be/LOQm8NxzR7w)

- Hello, MakerDAO community. Thank you for joining Collateral Onboarding Call #47. I am Retro from the Sustainable Ecosystem Scaling Core Unit.
- Today I am joined by BlockTower Credit to discuss the recently submitted MIP6 application requesting a $150M initial debt ceiling to fund super-senior, asset-backed credit secured by short-duration real-world loans and credit receivables.
- Discussions about collateral happen in the [Forum.](https://forum.makerdao.com/c/risk/collateral-meetings/23)

## BlockTower Credit

- [MIP6 Collateral Onboarding Application: BlockTower Credit (Arranger)](https://forum.makerdao.com/t/mip6-collateral-onboarding-application-blocktower-credit-arranger/16900)

### Kevin Miao, Jack Carlisle, Kevin Chan, and Anant Matai

#### Presentation

[00:57](https://youtu.be/LOQm8NxzR7w?t=57)








#### Discussion

- [23:36 - Raphael: What kind of loans have you previously dealt with? What are you most excited for in the next five years?](https://youtu.be/LOQm8NxzR7w?t=1416)
- [28:37 - PaperImperium: For funds flows, does BT require an intermediary (like HVBC and 6S use), or would BT directly receive the DAI? If an intermediary is required, can you provide some background?](https://youtu.be/LOQm8NxzR7w?t=1717)
- [33:25 - Frank Cruz: Can you please expand more regarding your proposed "fixed" stability fees? What is your thinking behind the proposed 4% SF? Why is it important that the stability fee is fixed?](https://youtu.be/LOQm8NxzR7w?t=2005)
- [37:59 - Robert Jordan: Can you comment on the portfolio and active management?](https://youtu.be/LOQm8NxzR7w?t=2279)
- [41:36 - Akrasia: How large is the junior tranche on these deals, and what is the yield on them?](https://youtu.be/LOQm8NxzR7w?t=2496)
- [44:21 - Robert Jordan: Can you comment on the utilization of the MIP21 and MIP22?](https://youtu.be/LOQm8NxzR7w?t=2661)
- [46:46 - Akrasia: In that context, MKR earns 4% on their senior stake, correct? Is this comparable to what a TradFi lender would expect from this risk profile?](https://youtu.be/LOQm8NxzR7w?t=2806)
- [49:56 - Tim B: Will this presentation end up on the forums?](https://youtu.be/LOQm8NxzR7w?t=2996)

## Closing Comment

### Retro

#### Outro
[53:34](https://youtu.be/LOQm8NxzR7w?t=3214)

- I want to thank the BlockTower Credit Team again. We would be happy to host you for a follow-up session anytime.
- Keep up to date at forum.makerdao.com

## Credits

- Kunfu-po produced this summary.
- Everyone who spoke and presented on the call, listed in the headers.