Ellen Britt for CNT #NFT
We have already brought you news about buying a real world home using cryptocurrency, but now the worlds of mortgages and crypto are merging.
Many cryptocurrency investors have been frustrated by the inability to use their holdings to fund the purchase of a home.
But a partnership between California based blockchain real estate startup Propy, and the Abra Borrow platform, will enable home buyers to use their crypto as collateral to borrow US dollars. The plan features flexible repayment arrangements and low interest rates, some as low as 0 percent.
Propy is no stranger to the space, as they were involved in the first NFT house sold in the U.S., when they auctioned off a home in Gulfport, Florida in Ehther for the equivalent of $654,310.
Other players include LoanSnap, which launched a crypto-mortgage program relying on AI technology as well as crypto, and that links a mortgage lein to an NFT. The company, founded in 2017, has originated about $7.3 million in loans.
There is also Vesta Equity, out of Sarasota, Florida. Their firm provides a marketplace for home equity investments using NFTs that are backed by real-world real estate.
In addition, Milo, a mortgage lender based in Miami, Florida, allows borrowers to pledge their crypto to finance up to 100 percent of the property’s purchase price.
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