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

# Balance-Sheet Models: Originate-to-Sell & On-Sheet Lending

> The two answers to whose balance sheet holds the loan: Originate-to-Sell, where you purchase receivables daily after a hold period, and On-Sheet Lending, where Lead holds them to terminal status.

Lead supports two answers to *whose balance sheet holds the loan*, agreed between Lead and your organization at contract signing.

|                          | **Originate-to-Sell (OTS)**                                                                                                                                                                  | **On-Sheet Lending (OSL)**                                                                                                                                   |
| :----------------------- | :------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | :----------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Receivable ownership** | Lead holds the receivable from origination through the hold period, then transfers ownership to you via the daily sale. You hold it through its terminal status (paid in full, charged off). | Lead holds the receivable from origination through its terminal status.                                                                                      |
| **The daily sale**       | Contains the day's receivables for you to purchase.                                                                                                                                          | Still runs on the same daily schedule, but contains no on-sheet receivables — the exchange confirms Lead is holding them rather than transferring ownership. |
| **Everything else**      | Identical: the same origination objects, the same Funding flow, the same daily servicing reporting.                                                                                          | Identical.                                                                                                                                                   |

<Note>
  **On-Sheet Lending availability:** OSL is <Badge>Preview</Badge>. Talk to your Lead team about the offering and when your program can enable it.
</Note>

## Why the Model Matters to Your Integration

Mechanically, almost nothing changes — the daily exchange runs either way, and every other API and file interface is identical under both models. What changes is what the exchange *means* and where accuracy is load-bearing:

* **Under OTS**, the daily sale is a real asset transfer with a real cash movement, so a funded operating account and same-day confirmation are the daily obligations.
* **Under OSL**, Lead's held position is maintained from what you report, so your daily [Balance and Transaction reporting](/products/balances-and-transactions/overview) is what keeps Lead's balance sheet accurate — reporting accuracy becomes critical, not only compliance-relevant.