Fintech firm Milo this week announced its new crypto mortgage, a move it believes will make it easier for cryptocurrency investors to deploy their digital assets in the purchase of US real estate. They expect it to become available in the coming weeks.
Milo clients will be able to pledge their Bitcoin to purchase property and finally qualify for a low -interest-rate 30-year crypto mortgage. 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. Clients will be able to finance 100 per cent of their purchase with no-dollar down payments required and do this faster than a conventional mortgage, the company insists.
“The world is changing rapidly, with how consumers make and invest their $2 trillion in crypto wealth,” said Josip Rupena, founder and CEO 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.”
The company’s other mortgage solution for foreign nationals has originated millions of dollars in loans already and has seen applicants from more than 60 countries, Milo said.
“This is an exciting time for the crypto and mortgage industries,” said Rupena. “With our new crypto mortgage, we can expand our offerings to consumers that were previously denied by other banking firms just for having crypto. We have an opportunity to make sure that doesn’t happen anymore and their bitcoin wealth can now help them buy a property.”
“Milo’s decision to expand their financial flexibility with crypto mortgages is a groundbreaking achievement for advancing the United States’ dominance in crypto. To become the Capital of Capital, Miami needs companies like Milo who are willing to innovate and ideate,” said Mayor Francis Suarez.
Milo said it has enabled millions of dollars in US home loans. Its investors include QED Investors, Metaprop, and 10X Capital.
