Milo, a financial technology company, is offering the first crypto mortgage in the U.S. The offering makes it easy for crypto investors to use digital assets to purchase real estate, the company stated in a release.
“The world is changing rapidly, with how consumers make and invest their $2 trillion in crypto wealth,” Milo founder and CEO Josip Rupena said. “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.”
Clients who wish to use their crypto assets will be able to pledge their bitcoin to purchase property and qualify for a low interest rate, 30-year crypto mortgage. This allows clients to still own their bitcoin and diversify into real estate, all while keeping the potential price appreciation of both. Those who use this program will be able to finance 100 percent of their purchase with no dollar down payments.
The crypto mortgage is not yet available, but the company expects to be able to offer it early 2022. Interested parties can join the company’s waitlist to be granted early access to qualify for loans.
“This is an exciting time for the crypto and mortgage industries,” Rupena said. “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.”