Fintech Milo unveils crypto-mortgage refis
Miami-based fintech Milo hair began diversifying its portfolio for investors with digital holdings by offering its first crypto loan refinancing product, the company announced Tuesday.
The new offering comes five months after the fintech’s 30-year-old crypto-mortgage purchase hit the market and hit $10 million in origination volume. HousingWire first reported on the lender’s plans to debut refinancing products in early July.
“Based on the success of our crypto loan offering, we are now able to empower those who would have liked 100% financing via a crypto loan when purchasing their home,” Josip Rupena, CEO and founder of Milo, said in a statement . “With our crypto refinancing, they can benefit from having access to their equity when attractive investment opportunities arise.”
Milo offers a cash-out refinance, a product that allows customers to replace their current mortgage with a new one to take advantage of better loan terms, such as a lower interest rate and longer term, and withdraw part of the home equity in one lump sum.
But with Milo’s product, borrowers can pledge their crypto assets – including Bitcoin, Ethereum and a few stablecoins, such as USD Coin and Gemini Dollars – and their property to pay out up to 100% of the property’s appraised value. Milo maintains crypto in regulated custodians, the platforms Coin base and The twins.
It is possible to borrow up to $5 million for investment properties in the refi product, according to the company’s website. The product has a fixed interest rate that starts at 7.95%. Milo does not currently offer mortgage solutions outside the US.
“Milo’s crypto refinance offering is a game-changer for those who previously sold crypto or took 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 access the financing they would have preferred from the start.”
The fintech also launched an unsecured loan on Tuesday.
Borrowers can take 100% of the property’s 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 unsecured mortgage products for US and foreign citizens to purchase or refinance a home in the US.
The company claims it has secured $100 million in loans through its more traditional mortgage line — with applicants from more than 90 countries, according to a press release announcing Milo’s crypto-lending milestone.
