Homes over the price of $1 million in Florida, Texas and Colorado can now be mortgaged with bitcoin as collateral.
Lending platform Moon Mortgage has launched its core mortgage product that allows investors to use their bitcoin as additional collateral to secure funding for real estate purchases.
The mortgage product has been designed to work similarly to traditional mortgages, with digital assets like Bitcoin serving as collateral, and is available to house buyers in Florida, Texas, and Colorado, with plans to expand to investors in most states across the US for investment properties. The minimum loan amount for the mortgage product is $1 million.
According to Tristan Marino, Co-founder and COO of Moon Mortgage, “The use case for crypto has to go beyond investment potential. It has to be about how an investor can use it for real-world gains…allowing investors to truly materialize their digital wealth into real estate investments, as simply as possible and with compliance and safety.” Marino added that Moon Mortgage is working to bridge the gap between traditional finance and bitcoin, with its mortgage product being a part of its efforts to transform the bitcoin and cryptocurrency space into a true financial system.
In addition to this mortgage product, Moon Mortgage has also launched Trade & Borrow, which allows investors to borrow against bitcoin.. Moon Mortgage’s two new products follow a $3.5 million seed raise in October 2022, and the platform is actively looking to engage more brokers to partner with as it seeks to build in scale to supply investor demand.