This innovative launch will allow customers to use their bitcoin to fund their US real estate purchases via a low-interest, 30-year bitcoin mortgage.. Milo joins bitcoin savings and loans company Ledn in being amongst the first companies to offer bitcoin backed mortgages.
The company made the announcement via a press release on January 18th.
Milo hopes that the move will allow for faster completion and approval of mortgage applications. The service also introduces the idea of financing a purchase without the need for a dollar-based down payment.
The launch is considered a way to bridge the gap between digital and physical assets, creating a converging point between the two. Milo currently has a waitlist for pre-qualified candidates who can take advantage of this new product once it’s released in early 2022.
Miami Mayor, Francis Suarez, commends the company for offering this option to interested home buyers stating,
Milo's decision to expand their financial flexibility with crypto mortgages is a groundbreaking achievement for advancing the United States' dominance in crypto. To become the Capital of Capital, Miami needs companies like Milo who are willing to innovate and ideate.
Currently, most banking institutions turn away those who have the majority of their wealth in bitcoin or other digital assets. This limits the real-world application of bitcoin despite the large value associated with it.
Milo Credit looks to provide more functionality and utility to anyone looking to secure a mortgage. This new service addition caters specifically towards bitcoin holders and represents a growing trend of digital asset acceptance.
The company has already helped finance millions of dollars worth of homes for clients with its other services, and looks to further expand with this new service.