How a crypto-backed loan funded a $1.45M NYC purchase

After working with clients for years, you learn that financial strength doesn’t always show up in traditional ways. That was exactly the case for a self-employed tech consultant I recently worked with in New York.

He had spent years building his career and managing his finances with discipline. He was consistent with his income, careful with his savings, and ready to purchase his first apartment, a milestone he had worked toward with patience and intent.

Over a decade ago, he bought Bitcoin on a whim. He never planned to use it. He wasn’t a trader. He held quietly, rarely even checking its value. That single decision eventually put him in a position to afford something much larger than his income alone could support.

The apartment he wanted was a $1.45 million unit in New York. But it came with a complication: the previous owner had begun renovations, left them incomplete, and listed the property mid-demolition. Most lenders consider that a red flag. If a home is missing essential features like a functioning kitchen, completed flooring, or finished electrical, it no longer qualifies as livable. And without livable condition, it doesn’t qualify for a mortgage, whether traditional or crypto-backed.

A construction loan might have been the usual path forward, but those are often harder to secure than traditional mortgages. They require extensive documentation, firm timelines, and strict builder requirements. For a self-employed buyer, it wasn’t a viable option.

That’s when he came to Milo.

He didn’t want to sell his Bitcoin. Selling would mean exiting a position he believed in, realizing capital gains, and giving up the very asset that put him in this position in the first place. What he needed was liquidity without liquidation.

We offered him a crypto loan.

Unlike a mortgage, a crypto loan doesn’t rely on the condition of the property or income verification. Instead, we underwrite based on the value of the borrower’s crypto. In his case, the Bitcoin he held was more than enough to support the loan. Once qualified, he transferred a portion of his holdings to our secure custodian, and we funded a $2 million crypto-backed loan.

He used that loan to purchase the apartment and fund the renovation. No income documents. No sale of crypto. No delays waiting for lender approvals on construction plans.

Once the renovations are complete and the property is livable, he plans to transition into a crypto mortgage. This next step will allow him to lock in long-term financing at a lower rate and reduce the amount of crypto held as collateral. Unlike a crypto loan, which typically requires more upfront collateral, a crypto mortgage uses less, meaning he’ll regain custody of a portion of his Bitcoin once the refinance is complete.

For him, it’s about flexibility and long-term strategy. He never wanted to part with his crypto. He just wanted to put it to work. Our role was to help make that possible, without forcing him to compromise on his timeline, asset position, or financial goals.

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.