California’s unique Bitcoin-backed home loan refinancing transaction

Glen Oaks Escrow, one of the largest independent custody companies in Southern California, has announced its first real estate refinancing through a loan backed by Bitcoin.

The company stated that this is the first time that Bitcoin has been used as collateral to complete a refinancing.On July 28 announcement It added that it had previously facilitated some real estate transactions that used BTC as a payment method.

Glen Oaks Escrow began accepting Bitcoin payments in 2018. He believes that this transaction proves that Bitcoin’s value proposition has become clearer to debtors and creditors. Joe Curtis, the company’s chief operating officer, commented:

“Seeing lenders using cryptocurrency for refinancing shows us that this payment method is continuing to grow in terms of how and who it is used.”

He added that seeing lenders rather than home buyers use BTC in real estate transactions “tells us that this technology is likely to continue to become more prominent, even if it is still considered a new thing in our industry.”

In another crypto-related real estate development project, if the buyer pays in DOGE, a Dogecoin enthusiast from Utah, USA offers a 10% discount on his property.

On July 27, a local TV station Report The owner listed a house worth $389,000 and will accept seven cryptocurrencies, but prefers Dogecoin because he believes that the 10% discount will soon be compensated by the price appreciation of Dogecoin. After applying the discount, the amount of DOGE required to purchase is approximately 1.7 million tokens based on the current price.

As early as 2017, Cointelegraph reported The first BTC real estate transaction ever It happened in Texas.

related: 5 cities where you can buy real estate with Bitcoin

These two new stories are the latest positive developments in the real estate industry. On July 23, Cointelegraph reported that More and more real estate companies accept cryptocurrency payments.

Piper Moretti, CEO and founder of The Crypto Realty Group, told Cointelegraph that many buyers who use digital assets to buy real estate are using their cryptocurrency to borrow money, so they can still benefit from holding the coins while putting value into play.

In May, it was reported that buyers could Even using Dogecoin to buy property in Portugal. FNTX Capital Suisse partnered with Portuguese real estate developer 355 Developments to provide encrypted apartments in the capital Lisbon.

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