Previous Crypto homebuyers can now access their home equity
MIAMI , Sept.6, 2022 /PRNewswire/ — Milo , a financial technology company that is reimagining the way global and crypto consumers access financial solutions, today launched the world’s first crypto refinance offering and undercollateralized mortgage.This new refinance product enables borrowers to access US dollars by pledging their crypto assets and their property to cash out up to 100% of their property’s home equity value.These borrowers can now use the cash proceeds from the property to pay off existing debt, repurchase crypto or invest in other assets.
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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.This solution allows them to extend the repayment term to 30 years and gain access to financing they would have preferred from inception.
Milo’s crypto refinance also requires significantly less crypto collateral than similar products on the market.While crypto loans usually require 2 or 3x the loan amount in collateral, Milo’s product only requires 1x the loan amount or less.The interest cost savings of this crypto mortgage vs a crypto loan are also considerable; consumers can save up to $175,000 over a 5 year term on a $1 million loan!
Fintech company, Milo, launches world’s first crypto cashout refinance offering and undercollateralized crypto mortgage
Tweet this “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.
With our crypto refinance they can benefit from having access to their home equity when attractive investment opportunities come up,” said Josip Rupena , CEO and Founder of Milo.”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.”
In addition to this crypto refinance solution, Milo is excited to publicly release the first undercollateralized crypto mortgage backed by USDC.By request of consumers and an effort to expand this solution, there is now an option to borrow 100% of the property’s value by only pledging 40% of the loan amount in USDC.
“At Milo, we are on a mission to drive financial inclusion and our crypto mortgage can do that for so many crypto consumers.We knew from day 1 that an undercollateralized crypto mortgage was needed and we are now one step closer to helping more clients qualify to buy real estate.” said Rupena.”Many crypto consumers are already earning and spending exclusively in the digital world.Our USDC offering simply helps these consumers build a bridge to the real world.”
Milo’s crypto refinance offering falls on the heels of their recent milestone achievement reaching $10 million in crypto mortgages.This milestone demonstrates the strength of Milo’s innovative 30-year crypto mortgage which came to market only this past April.Milo became the first company to offer a mortgage that combines the world of digital assets with traditional finance by allowing investors to qualify with Bitcoin, Ethereum and USDC.
About Milo Milo is a financial technology company reimagining the way global and crypto consumers access financial solutions to ‘Unlock what’s possible.
By building a proprietary technology stack from the ground up and bringing on a world class team, the company has enabled millions of dollars in U.S.home loans.Milo is passionate about driving digital transformation of financial services, solving real problems, and making a meaningful impact in people’s lives.For more information visit www.milocredit.com .
SOURCE Milo Credit.
