$8M Florida condo secured with a self-custody mortgage

The client came to me retired, asset-rich, and loan-denied. He held significant crypto and traditional reserves, planned to put 50 percent down on an $8,000,000 Florida condo, and still could not clear a conventional approval. Income was the blocker. He also needed to qualify while carrying the payment on his current condo.

We approached the file as a self-custody mortgage with Milo. In a self-custody structure, crypto remains in the client’s control and is used as reserves to qualify, rather than being pledged as collateral. Because he elected a 50 percent loan-to-value ratio, his balance sheet was strong enough that we did not require a crypto pledge. He kept custody of his Bitcoin throughout.

Why this worked

1. Asset-based qualification Traditional underwriting centers on predictable income. We evaluated total reserves, including his crypto, to establish the ability to repay at 50 LTV. This satisfied the requirement even while he carried the existing condo.

2. Self-custody preserved No collateral transfer. No lockups. By using crypto as reserves instead of collateral, he maintained full control of his assets during and after closing.

3. Flexibility after closing Keeping crypto unencumbered left him free to deploy it later. If he chooses, he can use portions as collateral for other objectives, such as a renovation line or a separate investment loan, without touching the mortgage.

4. Payment sustainability He chose 50 LTV to align monthly payments with a long retirement horizon. Lower leverage kept carrying costs inside his target range and left room for optional principal curtailments.

Execution was clean. We verified liquidity, documented crypto reserves for qualification, modeled the debt stack with both condos, and moved to a straightforward close. He wired the 50 percent down payment, took title to the $8,000,000 condo, and kept his crypto in self-custody.

The result is the core promise of a self-custody mortgage. You can qualify with crypto as part of your reserves without pledging those assets, secure the property you want, and retain the freedom to use your holdings strategically after closing.

If you hold meaningful crypto and want housing finance that respects self-custody, Milo can structure a mortgage that aligns with your balance sheet and timeline. Contact loans@milo.io.

The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.