Miami-based fintech Milo has has begun diversifying its portfolio for investors holding digital assets by offering its first crypto-mortgage refinance product, the company announced on Tuesday.
The new offering comes five months after the fintech’s 30-year-old crypto-mortgage purchase product hit the market and has reached $10 million in origination volume. HousingWire first reported on the lender’s plans to launch refinance products in early July.
“Based on the success of our crypto mortgage offering, we are now able to give 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. “Through our crypto refinance, they can benefit from access to the equity in their property when attractive investment opportunities arise.”
Milo offers cash refinance, a product that allows customers to replace their current mortgage with a new one to take advantage of better loan terms, such as lower rates and longer terms, and withdraw some of the value net of the house in one go. sum.
However, with Milo’s product, borrowers can pledge their crypto assets — including Bitcoin, Ethereum, and some stablecoins, such as USD Coin and Gemini Dollars — and their property to cash out up to 100% of the appraised value. of their property. Milo maintains crypto at regulated custodians, platforms Coinbase and Gemini.
It is possible to borrow up to $5 million for investment properties in the refi product, depending on the website. The product has a fixed rate starting at 7.95%. Milo does not currently offer mortgage solutions outside of the United States.
“Milo’s crypto refinance offer is a game-changer for those who have already sold their crypto or taken out a short-term crypto loan to buy a home with cash,” the company explains in a press release. “This solution allows them to extend the repayment period to 30 years and to access the financing they would have preferred from the start.”
The fintech also launched an under-secured mortgage on Tuesday.
Borrowers can take 100% of the property value by pledging only 40% of the loan amount in USDC. “Many crypto consumers already earn and spend exclusively in the digital world,” Rupena said. “Our USDC offering simply helps these consumers build a bridge to the real world.”
Milo, a licensed and insured direct lender, also offers non-crypto mortgage products to US and foreign nationals to purchase or refinance a home in the United States.
The company says it has originated $100 million in loans through its more traditional mortgage line — with applicants hailing from more than 90 countries, according to a press release announcing Milo’s crypto mortgage milestone.