Propy and Milo have teamed up to offer crypto-backed mortgages that let Bitcoin holders finance home purchases without cashing out their digital assets. The partnership combines Propy's blockchain-based real estate settlement with Milo's lending platform, unlocking $25 million in financing for U.S. buyers. Tim Draper, the venture capitalist and longtime Bitcoin bull, publicly backed the initiative.
How the mortgage works
The borrower puts up Bitcoin as collateral, and Milo underwrites a mortgage in dollars. Propy handles the title and settlement on-chain, cutting out the usual weeks of paperwork. The idea: keep your Bitcoin, buy a house.
The whole process is supposed to be fully digital — from application to closing. For now, it's only available to U.S. residents. The companies say they're targeting crypto investors who've watched their holdings appreciate but didn't want to trigger a taxable sale just to buy a home.
The $25 million pool
Milo is putting up the initial $25 million in lending capacity. That's not a huge number in mortgage terms — but it's a test. If demand is there, they'll likely expand. The loans are structured as standard mortgages, with the Bitcoin acting as additional collateral. If the price of Bitcoin drops sharply, the borrower might need to post more crypto or face liquidation. Milo hasn't disclosed the exact loan-to-value ratio.
Tim Draper's endorsement
Draper, who's been beating the drum for Bitcoin adoption since at least 2014, called the partnership a natural step. He didn't provide specifics — no quote in the announcement — but his name alone carries weight in crypto circles. Draper has previously predicted Bitcoin would reach $250,000 by 2022 or 2023 (it didn't), but his early-stage bets on companies like Coinbase and Robinhood give his opinion gravitas.
Propy and Milo say they want to build a completely digital home-buying pipeline for crypto investors. That means integrating more lenders, automating title insurance, and eventually scaling beyond the initial $25 million. For now, the product is live. Interested buyers can apply through Milo's site, and Propy handles the blockchain settlement. Whether traditional real estate agents and title companies will embrace the model — or fight it — is the open question.
