Blockchain lending startup Figure Technologies unveiled Crypto Mortgage and Crypto Mortgage PLUS, both of which allow users to borrow against their bitcoin (BTC) or ether (ETH) to fund home purchases.
- "Any amount up to $20 million, for a 30-year mortgage," said co-founder Mike Cagney on his LinkedIn page. The loans will also be 100% loan-to-value (LTV), i.e. "you put up $5 million in bitcoin or ether, we give you a $5 million mortgage."
- Payments, he said, can be made via the borrower's crypto collateral, and Figure will not rehypothecate customer crypto. Mortgages will be available as soon as next month, and potential customers can now get on a waiting list.
- The company website offers a bit more detail, with the Crypto Mortgage product being much as described above by Cagney, and the Crypto Mortgage PLUS option allowing customers to borrow up to 50% of their crypto value to make a 20% down payment, with the rest of the purchase funded with a conventional mortgage.
- Figure processes loans on its proprietary Provenance Blockchain. The company's most recent funding round was last May, when it raised $200 million at a $3.2 billion valuation. Among the investors were 10T Holdings and Morgan Creek Capital Management.
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