Figure Technologies CEO Mike Cagney
Blockchain lending startup Figure Technologies unveiled Crypto Mortgage and Crypto Mortgage PLUS, both of which allow users to borrow against their bitcoin or ether to fund home purchases.on his LinkedIn page. The loans will also be 100% loan-to-value , i.e."you put up $5 million in bitcoin or ether, we give you a $5 million mortgage."
Payments, he said, can be made via the borrower's crypto collateral, and Figure will not re-hypothecate customer crypto. Mortgages will be available as soon as next month.a bit more detail, with the Crypto Mortgage product being much as described above by Cagney, 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 with a conventional mortgage.
Figure processes loans on its proprietary Provenance Blockchain. The company's most recent funding round was last May, at a $3.2 billion valuation. Among the investors were 10T Holdings and Morgan Creek Capital Management.Crypto Lender Ledn Raises $70M in Series B Round, Readies Bitcoin-Backed Mortgage ProductThe leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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