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My Master is proposing to lend me to another Master, a friend of his. Is this commonplace, to lend a slave between Masters?
Yes, Masters sometimes lend their slaves to their fellow Masters. It is both a way to experience other bottoms that come with a recommendation (and to discuss their merits and failings afterwards Master-to-Master) and a way of showing you that you are just a slave to be given to anyone he chooses. So, the humiliation can also be a turn on for both sides.

A Master will usually advise or talk to his fellow Master about the bottom so that the new Master, while a stranger, may have some insight into how the bottom’s mind works and how he reacts to pain and/or humiliation. These are not necessarily insights the bottom has about himself but ones the Master perceives in him from his perspective.

Sometimes your Master will stay and watch his slave suffer at the hands of his fellow Master, or even join in. But many times he will simply order the bottom to go to a particular place and take what is coming. Only do this if you really trust your Master and know him well. And, as a precaution, make sure someone else knows where you have gone and when you are due to return ... just in case.

This kind of play, being lent out and being humiliated, is not for everyone. You must decide first if you want to play this way. If you do then tell your Master that you are ready. If not, or of you need time to think it over, then tell him this also. It is best to have that conversation outside of the period of sexual play. Tell him when you are NOT in role.

If he raises the question during play ask to have that kind of rule-setting chat afterwards or at another time... or even by email. You should not appear to be resisting his authority as the Master when you are actually playing. But you should only agree to those things that your want and are comfortable with in terms of sexual taste and most importantly your safety.

It can be very exciting waiting for a Master you do not know but who you know you can trust to come and thrash you.

Vulcan