Some Miami developers have enabled buyers to purchase homes in cryptocurrency since at least 2021. Now a pair of Miami lenders is going one step further by offering home mortgages in digital currencies.
since at least 2021. Now a pair of Miami lenders is going one step further by offering home mortgages in digital currencies.Milo, a fintech company in the lending business, made the first crypto home loan in March, when it provided a 30-year mortgage in bitcoin for a Miami duplex.has been so enthusiastic that it is already looking to double the size of its Miami office to 100 employees to handle the anticipated demand.this year, in partnership with a traditional Miami-based mortgage lender.
Crypto mortgages are structured much like traditional mortgages and are lent out to home buyers in dollars but are meant to appeal to people who have large crypto holdings they don’t want to convert to dollars. While the SEC hasn’t announced major actions against big crypto exchanges, the commission has threatened to sue companies offering crypto lending. WSJ’s Dion Rabouin explains why this one part of the crypto market has drawn such a strong reaction. Photo: Mark Lennihan/Associated Press
Even proponents of these loans say that the new companies are already encountering logistical issues.
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