Milo vs Newrez
A bitcoin-collateralized mortgage against a qualify-with-crypto loan where you keep your coins.
Rates as of June 2026 · Verified weekly · By Michael Song
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The bottom line
Milo pledges your bitcoin as collateral (held by a qualified custodian) for a non-QM mortgage with published rates. Newrez uses a qualify-with-crypto approach: your crypto counts toward qualification but is not pledged, so you keep custody and there is no margin-call risk on the collateral. Choose Milo to borrow against your bitcoin; choose Newrez if you would rather keep your coins and only use them to qualify.
Conditional guidance, not a recommendation. The right pick depends on your loan size, LTV, state, and what you value most. Rates can change; the table below is the live source.
Milo vs Newrez, side by side
 Milo |  Newrez | |
|---|---|---|
| Effective APR$100k loan, 50% LTV, all-in | 9% | By consultation |
| Starting APR | 7% | By consultation |
| Origination fee | 2% | Not published |
| Max LTV | 100% | Not published |
| Custody model | Qualified custodian (Coinbase Custody, BitGo) | Borrower-held |
| Rehypothecation | No | No |
| Minimum loan | $275,000 | Not published |
| Maximum loan | $5,000,000 | No stated maximum |
| Prepayment | Not published | Standard non-QM |
| Operating since | 2018 | 2008 |
| Availability | All 50 states | All 50 states |
Custody and counterparty risk
Milo holds collateral via qualified custodian (Coinbase Custody, BitGo), while Newrez uses borrower-held. Neither rehypothecates collateral.
Track record and availability
Newrez has the longer history, operating since 2008 versus 2018.
Strengths and trade-offs
Milo
- Coinbase Custody or BitGo qualified custody
- Self-custody option available (up to 75% LTV)
- Foreign nationals served, no SSN required
- Up to $25M loan
- Up to 100% LTV with full BTC pledge
- Mortgage rate higher than typical crypto general-loan rate
- Exact state list not publicly transparent, verify directly
- Margin call threshold at 56-69% BTC price drop from pledged value
- ~2% origination fee
Newrez
- Top-25 mortgage lender, Newrez is a major established originator
- No collateral pledge required, borrower keeps Bitcoin
- No margin call risk
- Nationwide (all 50 states)
- Standard 30-year fixed and ARMs available
- Borrower funds down payment in USD, Bitcoin holdings only qualify, not fund
- Non-QM rate premium (typically 0.5-1.5% above conventional)
- Crypto must be in US-regulated exchange or approved custodial wallet (not DEX)
- Doesn't help BTC-only borrowers without USD savings for down payment
About each lender
Milo
Operating since 2018; first crypto mortgage 2022. $100M+ originated including a record $12M single transaction (Feb 2026). Coinbase or BitGo qualified custody with self-custody option. Foreign nationals are a core market.
Newrez
First top-25 mortgage lender to formally accept crypto for income/asset qualification (2026). No collateral pledge. No margin call risk. Borrower keeps custody of their Bitcoin. Nationwide footprint.
Frequently asked
Which has lower custody risk, Milo or Newrez?
Milo uses qualified custodian and Newrez uses borrower-held. Neither rehypothecates pledged collateral.
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borrowonbitcoin.com is a comparison publisher, not a lender or financial advisor. Rate data verified June 9, 2026. How we verify rates · Full disclosures.