MIAMI – A fintech here has launched a new crypto refinance offering and undercollateralized mortgage.
According to Milo, the new refinance product enables borrowers to access U.S. dollars by pledging their crypto assets and their property to cash out up to 100% of their property's home equity value.
“Milo’s crypto refinance offering is a gamechanger for those who previously sold their crypto or took out a short term crypto loan to buy a home in cash,” the company said. “This solution allows them to extend the repayment term to 30 years and gain access to financing they would have preferred from inception.”
According to Milo, its crypto refinance also requires significantly less crypto collateral than similar products on the market. The company said that while crypto loans usually require two or three times the loan amount in collateral, its product only requires one time the loan amount or less. Milo said as a result, the interest cost savings of its crypto mortgage vs a crypto loan are also “considerable,” and that consumers can save up to $175,000 over a five-year term on a $1-million loan.
‘Pioneer’ in this Space
“Based on the success of our crypto mortgage offering, we are now able to empower those who would have liked 100% financing via a crypto mortgage when purchasing their home,” said Josip Rupena, CEO and Founder of Milo, in a statement. “With our crypto refinance they can benefit from having access to their home equity when attractive investment opportunities come up. We will continue to pioneer this space and help individuals diversify their crypto wealth with real estate by creating unique offerings that are only possible with crypto.”
Undercollateralized Crypto Mortgage
Separately, Milo said it has also publicly released the first undercollateralized crypto mortgage backed by USDC. It said it now offers an option to borrow 100% of the property’s value by only pledging 40% of the loan amount in USDC.
The company added that its crypto refinance offering follows a milestone, as it recently reached $10 million in crypto mortgages.
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