At the moment, only customers wanting to use Bitcoin (BTC) as collateral qualify for Milo’s 30-year mortgage loan. Both American and international customers will be able to use the service to purchase real estate in the US, as state on Milo’s website.
Milo has already granted some loans as part of its early-access stage and expects the service will be available to most applicants on its waiting list in the coming months.
It remains unclear how much BTC will be needed to secure a loan, or the level of over-collateralisation needed to balance out the digital asset’s volatility.
According to Milo, its other mortgage solution for foreign nationals has originated millions of dollars in loans already and has seen applicants from over 63 countries. It allows non-US-based customers to close their housing loans remotely, without the need to travel to the US or to an embassy.
Milo raised USD 6 million in seed funding from investors, including QED Investors, Metaprop, and 10X Capital in January 2021.
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