Figure Technologies, a blockchain lending start-up, has launched Crypto Mortgage and Crypto Mortgage PLUS, which enable customers to borrow against their bitcoin (BTC) or ether (ETH) to finance property purchases.
“Any value up to $20 million for a 30-year mortgage,” co-founder Mike Cagney said on LinkedIn. The loans will also be 100 percent loan-to-value (LTV), which means that if you put up $5 million in bitcoin or ether, they will offer you a $5 million mortgage.
Payments can be made using the borrower’s crypto collateral, he said, and Figure will not rehypothecate customer crypto. Mortgages will be available as early as next month, and interested parties may immediately sign up for a waiting list.
The company website provides a bit more information, with the Crypto Mortgage product being similar to what Cagney described above, 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 by a conventional mortgage.
Figure uses its own Provenance Blockchain to handle loans. The company’s most recent investment round occurred in May of last year, when it secured $200 million at a value of $3.2 billion. 10T Holdings and Morgan Creek Capital Management were among the investors.