Ellen Britt for CNT #NFT
Until now, people who wanted to use cryptocurrency to purchase a home had very few options, other than cashing out their holdings and paying USD for the house.
On top of having to decide which tokens you want to cash out, you will also incur a taxable event when you do. Ouch!
Milo To The Rescue
That’s all about to change if Milo, a Miami-based fintech startup has its way! The company is poised to offer the world’s first crypto mortgage. They plan to allow customers to use bitcoin (BTC) as collateral to qualify for a 30-year loan on a real-world house. You don’t have to cash out your holdings and you don’t trigger a taxable event.
BTC Only…For Now
For now, only bitcoin is eligible but the company plans to expand to other cryptocurrencies, such as ethereum in the future. They have already done a few loans to folks on their early access list, but for now you have to sign up to be on a waitlist.
How To Qualify
You have to have at least the purchase price of your proposed home in bitcoin in order to qualify for the loan. The offer is open to both American and international customers who want to purchase real estate in the U.S.
