Thanks for sharing.
I want through the white paper of EthLEND as I don't recall seeing such initiative on a decentralised network.
My main point of attention here is how to handle default events: while there is a pledge deposit at the time of the transaction (I guess the pledge is not reusable as locked), I don't see any mention of margin call throughout the life of the contract. It can really go sideways if what you lent is not covered anymore by the collateral: the counterpart would just leave the contract expire with the collateral and meanwhile sell your assets as the value increased.

I agree with you that a L&B market on crypto currencies is a must have if we want it to grow as a financial engine for the world. However, I have failed seeing a mechanism that would secure both parties. This a basic for such type of contract.