Milo Launches World’s First Crypto Mortgage: Buy Real Estate Using Bitcoin

What is the Crypto Mortgage?

Milo, a Miami-based fintech startup, has come up with an innovative solution for crypto enthusiasts dreaming of real estate ownership: a mortgage that allows you to use Bitcoin as collateral. So, instead of dumping your precious BTC into a down payment, you can keep it and still invest in property. Talk about double-dipping!

Who Can Benefit?

This mortgage product isn’t just for the Bitcoin billionaires; it’s set to be available to both American and international customers. Whether you’re a U.S. resident or sitting on beaches far away, you can now enter the real estate market in the U.S. But, before you get too excited, the specifics on how much BTC is required for a loan—and how much collateral you’ll need to provide—are still a bit vague.

Addressing the Struggles of Crypto Investors

According to Milo’s CEO Josip Rupena, the idea sparked from witnessing countless stories of individuals cashing out their Bitcoin for down payments, only to watch its value soar afterward. “Are you kidding me?” Say goodbye to those pesky tax liabilities and missed opportunities! With Milo’s crypto-focused approach, you can hang onto your digital assets while still getting that sweet property.

A Look at the Competition

Milo might not be the first to explore the idea of a crypto mortgage. United Wholesale Mortgage dipped their toes in this pool back in August 2021 but pulled out faster than a cat on a hot tin roof due to regulatory uncertainties. Meanwhile, Milo’s service has already seen a successful rollout during early-access phases, making waves in the crowded space of mortgage lending.

The Road Ahead for Milo

With millions of dollars in loans already originated and a growing waitlist, Milo is paving the way for a new era in both crypto and real estate. Miami’s pro-crypto mayor, Francis Suarez, calls this initiative a “groundbreaking achievement,” positioning the city as a leading hub for Bitcoin innovation. As interest mounts, it’ll be interesting to see how Milo navigates the challenges of market volatility and regulatory requirements.