> For the complete documentation index, see [llms.txt](https://docs.aeralend.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.aeralend.app/getting-started/borrow-cook.md).
# Borrow COOK
Two steps: lock collateral, then borrow against it. Separate transactions, separate decisions.
## 1. Lock bCOOK
bCOOK is the only collateral Core accepts. Press **Lock** on the bCOOK row.
Locking is its own transaction. Nothing is borrowed by doing it.
Locking moves your bCOOK into the protocol. It does **not** unstake it — your BakeYourStake position keeps accruing exactly as before.
{% hint style="info" %}
Locking on its own is safe. You cannot be liquidated with no debt, and you can unlock the whole balance at any time. The risk starts at the next step.
{% endhint %}
## 2. Borrow
Your collateral is not counted at face value. Three numbers are applied, in order: the bCOOK rate, a 5% haircut, then the 55% max LTV.
Every line changes as you type — the fee, the payout, the debt and the resulting health.
```
2,000 bCOOK × 1.0192 COOK = 2,038.40 COOK the raw value
× 95% haircut = 1,936.48 COOK what Aera counts
× 55% max LTV = 1,065.06 COOK the most you may owe
```
The sheet states, for the amount you typed: the current borrow rate, the **0.15% origination fee**, what you receive versus what you owe (they differ by the fee), the health you will land at, and the bCOOK rate at which you could be liquidated.
{% hint style="danger" %}
**Interest starts the moment you borrow, and the only ways out are repaying or being liquidated.** There is no support line that can undo a loan.
{% endhint %}
## How much should you actually borrow?
The program stops you at 55%. That is a limit, not a target.
| You borrow | LTV | Health | bCOOK can fall by |
| --------------------- | ------- | -------- | ----------------- |
| 25% of the limit | 13.75% | 4.73 | 79% |
| 50% of the limit | 27.5% | 2.36 | 58% |
| 75% of the limit | 41.25% | 1.58 | 37% |
| **100% of the limit** | **55%** | **1.18** | **15%** |
At the maximum you are in the *Caution* band on a fresh loan. Borrowing well under it is what buys you time to react.
{% content-ref url="/pages/ctOgnD8L9ahjXMtH8UoU" %}
[Health and liquidation](/how-it-works/health-and-liquidation.md)
{% endcontent-ref %}
---
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