In a "world first," crypto investors can utilize their assets to pick up US real estate
Fintech firm Milo has launched what it calls the “world’s first crypto mortgage.”
In a statement, Milo said that the offering will make it easy for crypto investors to “utilize their digital assets to purchase US real estate.”
Read more: The next trend in real estate – Bitcoin-like purchases?
“Milo’s clients will be able to pledge their bitcoin to purchase property and finally qualify for a low interest rate 30-year crypto mortgage,” Milo said in its statement. “This solution will allow clients to continue to own their bitcoin and diversify into real estate, all while keeping the potential price appreciation of both.”
The fintech added that clients will be able to “finance 100% of their purchase with no dollar down payments required and do this faster than a conventional mortgage.”
Milo said that it had been developing this offering since 2021 and expects it to be available to most applicants in early 2022.
“The world is changing rapidly, with how consumers make and invest their $2 trillion in crypto wealth,” said Josip Rupena, founder and chief executive officer of Milo. “Clients expect us to come up with innovative solutions to extend credit to millions of great consumers. The existing ways for crypto consumers to access home credit has left them with unintended tax liabilities of selling for a down payment or, worse, the opportunity cost of seeing their crypto increase in value. There are countless stories of people buying property with bitcoin proceeds only to see it increase in value and be worth millions more.”
“With our new crypto mortgage, we can expand our offerings to consumers that were previously denied by other banking firms just for having crypto,” Rupena added. “We have an opportunity to make sure that doesn’t happen anymore and their bitcoin wealth can now help them buy a property.”