Financial technology company Milo announced its new crypto mortgage today, making it the world’s first crypto mortgage offering. This will make it easier for crypto investors to purchase U.S. real estate. The digital bank will now expand its offerings to serve the rapidly growing crypto segment.
This technology was developed only last year and should become available to most applicants by early 2022. Already, the company has a long waitlist where clients who are granted early access are able to qualify for loans.
Milo clients will be able to pledge Bitcoin to purchase property and qualify for a low interest rate 30-year crypto mortgage. This will allow clients to continue to own Bitcoin while diversifying their investment portfolio to include real estate and keep the potential price appreciation of both. Clients can finance up to 100% of the purchase with no dollar down payment required and do it faster than a traditional mortgage. Essentially, Milo is able to bridge the crypto world and the real world by combining the security of real estate with the liquidity of digital assets.
"The world is changing rapidly, with how consumers make and invest their $2 trillion in crypto wealth," said Josip Rupena, CEO and founder 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."
Milo also has a mortgage solution for foreign nationals, originating millions of dollars in loans already and seeing applicants from over 63 countries. Milo is a direct lender that’s licensed, audited, and insured.
"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."
"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.
