American fintech startup Milo, headquartered in Miami, announced the launch of a “crypto-mortgage” secured by bitcoin for the purchase of real estate in the United States.
The loan is offered in the amount of up to 5 million US dollars, while the loan must be 100% secured. The mortgage rate is 3.95% per annum, and the cryptocurrency is stored in Gemini and Coinbase custody services.
“Instead of selling cryptocurrencies to pay the down payment on a fiat mortgage, the product allows you to use bitcoin to invest in real estate. Our strategy is in line with yours – keep hodling,” the company’s website states.
The fintech startup promises that the process of applying for their services is faster than a traditional mortgage application. Payments can also be settled using stablecoins, and customers are not required to have a FICO credit score. At the same time, the fact of having a cryptocurrency is considered sufficient to ensure creditworthiness.
Milo has opened an entry to the waiting list. The service will become available “in the coming months.” As part of early access, the digital bank has already issued several mortgage loans.
The company’s other non-cryptocurrency mortgage division has accepted applications for “millions of dollars” from residents in 63 different countries.
Recall that earlier, the “dinosaur” of the financial market Goldman Sachs also issued the first loan secured in cryptocurrency.
