Milo reaches a milestone of $ 10 million in crypto loans

Miami-based fintech Milo has closed $ 10 million in cryptocurrency loans since the unveiling of the product earlier this year, the company announced early Tuesday.

The lender’s 30-year crypto loan is designed to make it easy for investors to use their digital holdings to acquire homes in the United States

Through the crypto loan program, Milo allows borrowers to pledge cryptocurrency through regulated custodians – crypto platforms such as Coin base or The twins – and thus finance as much as 100 percent of the purchase price of the property, with a ceiling of 5 million dollars.

“We have incredible momentum and see a fundamental need to help individuals diversify their wealth in order to generate real returns through real estate,” said Josip Rupena, Founder and CEO of Milo.

Milo’s 30-year crypto loan requires no repayment, other than mortgaging the cryptocurrency as collateral, and is available at an interest rate as low as 6.95%. However, that rate may change, according to Milo. The interest rate is assessed annually to assess the relationship between cryptocurrencies provided as collateral and the total loan amount.

“The higher the ratio, the lower your price will be,” according to Milo’s website. The lower the ratio, the higher the exchange rate adjustment will be for the crypto loan.

However, Milo’s crypto loan program allows home buyers to keep their cryptocurrencies – Bitcoin, Ethereum and USD Coin all qualify for use as collateral – while acquiring real estate and potentially benefiting from price increases in both assets.

“Given the current state of the market, we are extremely proud that we have not had any margin requirements or negative counterparty exposure, while continuing to generate mortgages,” said Rupena. “As a licensed and regulated entity, we take our responsibility seriously to ensure that our customers’ crypto is secure and returned when requested.”

Milo also offers a technology-enabled non-crypto mortgage product that serves U.S. and foreign nationals who want to buy a home in the United States, or pursue refinancing. Milo, a licensed and insured direct lender, reports that around $ 100 million in loans have come through its more traditional mortgage line – with applicants from more than 90 countries, according to a press release announcing Milo’s crypto-loan milestone.

The company began rolling out its crypto loan product in April 2022 and has since added 20 employees, the company’s representatives said, for a total of around 40 employees. Milo also has plans to soon introduce a refinancing product for cryptocurrencies.

“The success of our crypto loan in recent months serves as proof of our ability to pioneer and create a unique solution for the crypto community,” said Rupena.