{"source":"BoB Bitcoin Loan Lender Directory, borrow/on/bitcoin","description":"Structured diligence record for every US Bitcoin-backed loan and mortgage lender we track: rates and terms, custody model and rehypothecation posture, a derived RIA/wealth-manager compatibility signal, a derived tax-treatment signal (collateral title retention), liquidation and cure policy, state coverage, and provenance. One object per lender. Verified daily.","url":"https://borrowonbitcoin.com/reviews","methodology_url":"https://borrowonbitcoin.com/methodology","currency":"USD","last_updated":"2026-07-28","lenders_count":16,"attribution":"borrowonbitcoin.com","license":"Free to cite with attribution and a link to borrowonbitcoin.com. No bulk redistribution, resale, or scraping to build a competing dataset without written permission.","terms_url":"https://borrowonbitcoin.com/terms","dataset_id":"bob-ld-7e21c9f4","lenders":[{"slug":"apx","name":"APX Lending","review_url":"https://borrowonbitcoin.com/apx","website":"https://apxlending.com","loan_types":["general_loan"],"description":"Regulated crypto-backed lender serving US and Canadian borrowers, with no credit checks and no origination or management fees. Collateral (BTC, ETH) is held in segregated, insured cold storage with BitGo Trust. US loans start at 25,000 dollars with tiered APRs.","key_facts":["No origination or management fees","No credit check","BTC and ETH accepted as collateral","Segregated cold-storage custody with BitGo Trust","US minimum loan 25,000 dollars"],"custody":{"model":"qualified_custodian","partners":["BitGo Trust"],"rehypothecation":false,"insurance_note":"Collateral held with BitGo Trust in segregated cold storage, insured up to 250 million dollars (underwritten by Lloyd's of London). Transfers to the BitGo custodian move through Fireblocks, which carries an additional 35 million dollars of insurance."},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":true,"note":"Collateral is held segregated for the borrower without rehypothecation or title transfer; a loan against your bitcoin is generally not a taxable disposition in the US. Informational only, not tax advice. See /methodology."},"terms":{"apr_min":9.99,"apr_max":11.49,"effective_apr_100k_50ltv":10.99,"max_ltv":60,"origination_fee_pct":0,"loan_min_usd":25000,"term_options":"3 to 60 months, extendable","funding_days_min":0,"funding_days_max":1,"deferred_interest":false,"rate_notes":"US tiered APR: 11.49% under 100K, 10.99% from 100K to 1M, 9.99% over 1M. No origination, admin, or hidden fees, so the APR equals the all-in cost. Source: help.apxlending.com/hc/en-us/articles/42122325387283 (verified 2026-07-05)."},"risk":{"liquidation_threshold_note":"Maximum origination LTV 60 percent. Specific margin-call and liquidation LTV thresholds are not publicly posted.","has_downside_protection":false},"coverage":{},"rates_last_verified":"2026-07-28","rates_source_url":"https://apxlending.com/loans","source_urls":["https://apxlending.com/loans","https://apxlending.com/about-us","https://www.apxlending.com/security","https://www.apxlending.com/blog/is-apx-lending-safe"],"_ref":"d94cec3672"},{"slug":"arch-deferred","name":"Arch (Deferred)","review_url":"https://borrowonbitcoin.com/arch-deferred","website":"https://archlending.com","loan_types":["general_loan"],"established_year":2023,"product_launch_year":2026,"description":"Bitcoin-backed loan with Anchorage Digital qualified custody, segregated wallets, $100M Lloyd's of London insurance, and explicit no-rehypothecation policy. The Deferred Interest variant (launched May 2026) carries no monthly payments, interest accrues to maturity or rolls into the next loan.","key_facts":["No monthly payments, interest accrues to maturity","Option to roll accrued interest into a new loan's principal at renewal","Anchorage Digital qualified custody","$100M Lloyd's of London insurance","Zero rehypothecation, explicit policy","Segregated wallets","Multi-collateral: BTC, ETH, SOL"],"custody":{"model":"qualified_custodian","partners":["Anchorage Digital"],"rehypothecation":false,"insurance_note":"$100M Lloyd's of London (via Anchorage)"},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":true,"note":"Collateral is held segregated for the borrower without rehypothecation or title transfer; a loan against your bitcoin is generally not a taxable disposition in the US. Informational only, not tax advice. See /methodology."},"terms":{"apr_min":8,"apr_max":10.99,"effective_apr_100k_50ltv":10.99,"max_ltv":60,"origination_fee_pct":1.49,"loan_min_usd":5000,"term_options":"1 to 12 months; deferred interest; settle at maturity or roll accrued interest into a new loan's principal","funding_days_min":0,"funding_days_max":1,"prepayment_policy":"No prepayment penalty. Accrued interest can be settled at any time without penalty.","deferred_interest":true,"rate_notes":"Deferred Interest product (no monthly payments; interest accrues and settles at maturity, or rolls into a new loan's principal at renewal). APR is all-in (interest + origination), tiered by loan size: <$250K 10.99% (9.5%+1.49%) · $250K-750K 10.49% (9%+1.49%) · $750K-2M 9.49% (8.5%+0.99%) · $2M-5M 8.74% (8.25%+0.49%) · $5M-10M 8.24% (7.75%+0.49%) · $10M+ 8.00% (7.75%+0.25%). ~50bps premium over the Monthly Payment product (Arch Standard). 60% max LTV. Custody: Anchorage Digital, no rehypothecation. Source: archlending.com authenticated loan flow, verified 2026-07-05.","fees_summary":"1.49% origination fee + 2.00% liquidation fee (origination fee tiered down at higher loan sizes)"},"risk":{"liquidation_fee_pct":2,"liquidation_is_partial":true,"liquidation_threshold_note":"Same liquidation mechanics as the Monthly Payment product, 24h cure window from margin call trigger.","cure_window_hours":24,"cure_period_note":"24 hours from margin call trigger to add collateral, repay principal, or request partial liquidation","has_downside_protection":false,"has_early_warning":false,"key_risks":["Interest is deferred and settles as a lump sum at maturity, or can be rolled into a new loan; because it accrues over the full term, total interest can run higher than the Monthly Payment product","Uses the same bitcoin price-driven margin-call mechanics as the Monthly Payment product"]},"coverage":{"states_excluded":["CA","DE","HI","MS","MT","NV","ND","RI","SC","TX","VT"]},"rates_last_verified":"2026-07-28","rates_source_url":"https://archlending.com/crypto-loans","source_urls":["https://archlending.com/crypto-loans","https://help.archlending.com/en/articles/9927230","https://x.com/ArchLending/status/2057445320607604936"],"_ref":"8c2c94f1c1"},{"slug":"arch-standard","name":"Arch (Standard)","review_url":"https://borrowonbitcoin.com/arch-standard","website":"https://archlending.com","loan_types":["general_loan"],"established_year":2023,"product_launch_year":2023,"description":"Bitcoin-backed loan with Anchorage Digital qualified custody, segregated wallets, $100M Lloyd's of London insurance, and explicit no-rehypothecation policy. Multi-collateral: BTC, ETH, SOL.","key_facts":["Anchorage Digital qualified custody","$100M Lloyd's of London insurance","Zero rehypothecation, explicit policy","Segregated wallets","$75M raised (2024)","Multi-collateral: BTC, ETH, SOL"],"custody":{"model":"qualified_custodian","partners":["Anchorage Digital"],"rehypothecation":false,"insurance_note":"$100M Lloyd's of London (via Anchorage)"},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":true,"note":"Collateral is held segregated for the borrower without rehypothecation or title transfer; a loan against your bitcoin is generally not a taxable disposition in the US. Informational only, not tax advice. See /methodology."},"terms":{"apr_min":7.25,"apr_max":10.49,"effective_apr_100k_50ltv":10.49,"max_ltv":60,"origination_fee_pct":1.49,"loan_min_usd":5000,"term_options":"1 to 12 months; interest-only; rollover available at maturity","funding_days_min":0,"funding_days_max":1,"prepayment_policy":"No prepayment penalty","deferred_interest":false,"rate_notes":"Monthly Payment product. APR is all-in (interest + origination fee), tiered by loan size: <$250K 10.49% · $250K-750K 9.99% · $750K-2M 8.99% · $2M-5M 8.24% · $5M-10M 7.74% · $10M+ from 7.25% APR (custom). Origination fee tiered: 1.49% (<$750K), 0.99% ($750K-2M), 0.49% ($2M-10M), 0.25% ($10M+). 60% max LTV. Custody: Anchorage Digital, no rehypothecation, $100M Lloyd's insurance. Deferred Interest variant ~50bps higher (see Arch Deferred). Source: archlending.com/crypto-loans, verified 2026-07-05.","fees_summary":"1.5% origination fee + 2.5% liquidation fee"},"risk":{"liquidation_fee_pct":2,"liquidation_is_partial":true,"liquidation_threshold_note":"Specific threshold not publicly posted","cure_window_hours":24,"cure_period_note":"24 hours from margin call trigger to add collateral, repay principal, or request partial liquidation","has_downside_protection":false,"has_early_warning":false},"coverage":{"states_excluded":["CA","DE","HI","MS","MT","NV","ND","RI","SC","TX","VT"]},"rates_last_verified":"2026-07-28","rates_source_url":"https://archlending.com/crypto-loans","source_urls":["https://archlending.com/crypto-loans","https://help.archlending.com/en/articles/9927230","https://x.com/ArchLending/status/2057445320607604936"],"_ref":"b3c1c14bcc"},{"slug":"better","name":"Better","review_url":"https://borrowonbitcoin.com/better","website":"https://better.com/crypto-backed-mortgages","loan_types":["mortgage"],"established_year":2016,"product_launch_year":2026,"nmls_id":"330511","description":"First Fannie Mae-conforming crypto-backed mortgage, launched March 26, 2026 by Better in partnership with Coinbase. Standard Fannie Mae conforming first mortgage + BTC-pledged second loan funds the down payment. All 50 states. No-margin-call structure.","key_facts":["First Fannie Mae-conforming crypto mortgage (March 2026)","No margin calls triggered by Bitcoin price movements","All 50 states, Better's standard footprint","30-year fixed conforming rate","Coinbase Prime qualified custody","0% cash down possible (BTC pledge funds the down payment)"],"custody":{"model":"qualified_custodian","partners":["Coinbase Prime"],"rehypothecation":false,"insurance_note":"Not publicly posted"},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":true,"note":"Collateral is held segregated for the borrower without rehypothecation or title transfer; a loan against your bitcoin is generally not a taxable disposition in the US. Informational only, not tax advice. See /methodology."},"terms":{"max_ltv":97,"loan_max_usd":806500,"prepayment_policy":"Standard conforming prepayment terms","deferred_interest":false,"rate_notes":"Rate is the standard 30-year conforming rate plus 0.5-1.5% (combined first mortgage + crypto-backed second loan)."},"risk":{"liquidation_threshold_note":"No price-driven margin call. Only 60-day payment delinquency triggers liquidation.","cure_period_note":"No price-driven margin call. Payment delinquency timeline: 30-day cure after missed payment; BTC liquidation possible after 60 days delinquency; foreclosure begins at day 180."},"coverage":{"states_supported":["ALL"]},"mortgage":{"subtype":"collateralized_conforming","interest_type":"fixed","documentation":"full_doc","property_types":["primary"],"term_options":[{"note":null,"term":"30yr_fixed"},{"note":null,"term":"15yr_fixed"}],"no_margin_call":true,"foreign_national":false,"notes":"First Fannie Mae-conforming crypto-backed mortgage, launched March 26, 2026. Structure: standard conforming first mortgage + BTC-backed second loan that funds the down payment. Requires ≥250% BTC over-collateralization of the down payment (or 125% for USDC). No margin calls and no top-ups even if BTC drops — only 60-day payment delinquency triggers liquidation. Coinbase One members get 1% lender credit up to $10,000."},"rates_last_verified":"2026-07-28","rates_source_url":"https://better.com/crypto-backed-mortgages","source_urls":["https://better.com/crypto-backed-mortgages","https://coinbase.com/blog/coinbase-powers-the-first-crypto-backed-conforming-mortgages-by-better","https://cnbc.com/2026/03/26/fannie-mae-accepts-first-crypto-backed-mortgage-product"],"_ref":"fe9b7267e0"},{"slug":"coinrabbit","name":"CoinRabbit","review_url":"https://borrowonbitcoin.com/coinrabbit","website":"https://coinrabbit.io","loan_types":["general_loan"],"established_year":2020,"product_launch_year":2020,"description":"Operating since November 2020. $1.45B+ originated. Low $100 minimum loan, ~10 minute funding, 350+ collateral assets supported. Specific qualified custodian not disclosed publicly. Not available to US residents: CoinRabbit's Terms of Use bar US citizens and residents (and the UK and Hong Kong), so US borrowers are not eligible.","key_facts":["$100 minimum loan","~10 minute funding","350+ collateral assets supported","Not available to US residents","$1.45B+ originated"],"custody":{"model":"lender_pool","rehypothecation":false,"insurance_note":"Not publicly posted. Cold storage, multisig, 100% capital reserves, no rehypothecation."},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":false,"note":"Collateral may be pooled, rehypothecated, or title-transferred; whether that affects tax treatment depends on the specific structure. Informational only, not tax advice. See /methodology."},"terms":{"apr_min":11.95,"apr_max":16.8,"effective_apr_100k_50ltv":16.8,"max_ltv":90,"origination_fee_pct":0,"loan_min_usd":100,"term_options":"Open-ended (no fixed maturity date) by default; 30-day fixed-term option available at reduced rate","funding_days_min":0,"funding_days_max":1,"prepayment_policy":"No prepayment penalties. Repay in full or partial at any time with no fixed schedule.","deferred_interest":false,"rate_notes":"Fixed-rate fixed-term APR (effective APR, CoinRabbit's stated rate already includes its fees): 11.95% at 50% LTV, 16.80% at 90% LTV. Max LTV 90%. Source: coinrabbit.io borrow widget, verified live 2026-07-05. (The estimate API is now x-api-key gated; rates read from the rendered widget.)"},"risk":{"liquidation_fee_pct":0,"liquidation_is_partial":true,"liquidation_threshold_note":"Liquidation LTV: 80-95% (borrower-chosen at origination; varies by collateral asset). Margin call LTV not separately specified publicly.","cure_window_hours":0,"cure_period_note":"Not publicly posted. Three-tier alert system (Safe Zone / Warning Zone / Margin Call Zone) with email/SMS notifications. Auto-top-up feature available.","has_downside_protection":false,"has_early_warning":true},"coverage":{},"rates_last_verified":"2026-07-28","rates_source_url":"https://coinrabbit.io/","source_urls":["https://coinrabbit.io/loans"],"_ref":"d1c0b46d96"},{"slug":"figure","name":"Figure","review_url":"https://borrowonbitcoin.com/figure","website":"https://figure.com","loan_types":["general_loan"],"established_year":2018,"product_launch_year":2018,"description":"Publicly traded on Nasdaq (FIGR; $7.6B IPO Sept 2025). Crypto-backed loans are offered through Figure Markets; collateral is held via Fireblocks MPC custody, operated by Figure itself rather than an independent qualified custodian, and is not rehypothecated. No credit check. 12-month term. Also offers a HELOC product where BTC can be posted in escrow alongside home equity.","key_facts":["Publicly traded (Nasdaq: FIGR, $7.6B IPO Sept 2025)","Fireblocks MPC custody, operated by Figure; no rehypothecation","No credit check on crypto-backed loan","Same-day approval available","HELOC variant with optional BTC pledge available"],"custody":{"model":"lender_pool","partners":["Fireblocks"],"rehypothecation":false,"insurance_note":"Not publicly posted"},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":false,"note":"Collateral may be pooled, rehypothecated, or title-transferred; whether that affects tax treatment depends on the specific structure. Informational only, not tax advice. See /methodology."},"terms":{"apr_min":9.76,"apr_max":12.35,"effective_apr_100k_50ltv":9.76,"max_ltv":75,"origination_fee_pct":0.85,"term_options":"12-month term","deferred_interest":false,"rate_notes":"Two LTV tiers. All-in APR = interest rate + origination fee (0.85%, 12-month term): up to 50% LTV = 8.91% + 0.85% = 9.76% APR; >50-75% LTV = 11.50% + 0.85% = 12.35% APR. Origination is the only up-front fee. A 2% processing fee applies to collateral sold in a margin call or liquidation. No prepayment penalty. 12-month interest-only, qualified custodian. Source: figure.com crypto-backed-loan calculator (NY), verified 2026-07-05."},"risk":{"liquidation_fee_pct":2,"liquidation_threshold_note":"Maximum initial LTV 75%. Specific margin-call and liquidation LTV thresholds for the Figure Markets product are not separately published; a 2% processing fee applies to any liquidated collateral.","has_downside_protection":false,"key_risks":["Collateral is held in Figure-operated MPC custody rather than with an independent qualified custodian, so custody assurance depends on Figure-operated controls","A forced liquidation, if it occurs, carries a 2% processing fee"]},"coverage":{"states_excluded":["ID","IL","KY","MD","MS","NY","SD","TX","VT","VA","DC"]},"rates_last_verified":"2026-07-28","rates_source_url":"https://www.figure.com/crypto-backed-loan/","source_urls":["https://figure.com/crypto-backed-loan","https://figure.com/faqs/crypto-backed-loans"],"_ref":"a800fce0e2"},{"slug":"ledn","name":"Ledn","review_url":"https://borrowonbitcoin.com/ledn","website":"https://ledn.io","loan_types":["general_loan"],"established_year":2018,"product_launch_year":2018,"description":"Operating since 2018, the longest track record among lenders in this comparison. Collateral is held by third-party qualified custodians (BitGo, Anchorage, Fidelity Digital Assets) and is not rehypothecated. All-in APR is tiered by loan size from 11.49% down to 9.25%, with no separate US origination fee. Maximum LTV 50%. Investment-grade BBB- ABS issuance March 2026. Ledn reports $10B+ originated including institutional ($2.8B+ retail) with no customer losses across three market cycles.","key_facts":["Operating since 2018, longest track record in this comparison","$10B+ originated including institutional ($2.8B+ retail), per Ledn","No customer losses across three market cycles, per Ledn","No monthly payments and no prepayment penalty; interest accrues daily and is settled at maturity","Third-party qualified custody (BitGo, Anchorage, Fidelity Digital Assets); no rehypothecation","Investment-grade BBB- ABS issuance (March 2026)"],"custody":{"model":"qualified_custodian","partners":["BitGo","Anchorage Digital","Fidelity Digital Assets"],"rehypothecation":false,"insurance_note":"Collateral is held by third-party qualified custodians (BitGo, Anchorage, Fidelity Digital Assets) that carry their own custodial insurance, including a $200M Fidelity bond per Ledn. This is custodian-level coverage, not a blanket policy on every loan."},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":true,"note":"Collateral is held segregated for the borrower without rehypothecation or title transfer; a loan against your bitcoin is generally not a taxable disposition in the US. Informational only, not tax advice. See /methodology."},"terms":{"apr_min":9.25,"apr_max":11.49,"effective_apr_100k_50ltv":11.49,"max_ltv":50,"origination_fee_pct":0,"loan_min_usd":1000,"term_options":"12 months, renewable","funding_days_min":1,"funding_days_max":1,"prepayment_policy":"No prepayment penalty","deferred_interest":true,"rate_notes":"Tiered by loan amount: $0K–$250K: 11.49% APR · $250K–$500K: 10.99% APR · $500K–$1000K: 10.19% APR · $1000K–$2000K: 9.99% APR · $2000K+: 9.25% APR. APR = interest rate + 2% admin fee. Initial LTV 50%. Margin call at 70% LTV; liquidation at 80% LTV. Source: platform.ledn.io/api-common/market/interest-fees."},"risk":{"liquidation_is_partial":false,"liquidation_threshold_note":"A 70% LTV alert is a notification/reminder, not a formal margin call; liquidation triggers at 80% LTV. Initial LTV at origination: 50%. Thresholds visible at ledn.io/bitcoin-loan-calculator.","cure_window_hours":0,"cure_period_note":"No formal contractual cure window. Ledn states \"typically there are no time windows to meet collateral calls.\" Auto-top-up feature provides alerts at 70% LTV but is not a contractual guarantee.","has_downside_protection":false,"has_early_warning":true,"key_risks":["There is no fixed contractual cure window; Ledn sends a collateral alert at 70% LTV with liquidation at 80%, so it is worth responding promptly to alerts","With no monthly payments, interest accrues over the term; if you refinance to avoid paying it out of pocket, it capitalizes into principal, which raises your balance and LTV over time"]},"coverage":{"states_excluded":["ID","MA","NM","ND","SD","VT"]},"rates_last_verified":"2026-07-28","rates_source_url":"https://www.ledn.io/bitcoin-loan-calculator","source_urls":["https://ledn.io/post/bitcoin-loan-rates","https://ledn.io/bitcoin-backed-loans","https://ledn.io/post/bitcoin-backed-loans-and-custody-models-explained"],"_ref":"7c12523277"},{"slug":"lendfriend","name":"LendFriend","review_url":"https://borrowonbitcoin.com/lendfriend","website":"https://lendfriendmtg.com/crypto-backed-mortgages","loan_types":["mortgage"],"established_year":2020,"product_launch_year":2020,"description":"Broker-style mortgage operation specializing in crypto-holding borrowers. Works with a network of partner lenders. Asset-depletion qualification model standard; some partners use pledged collateral. 13-state footprint.","key_facts":["Network of crypto-friendly partner lenders","Asset depletion qualification model","13-state footprint","Refinance available (purchase, refi, cash-out)"],"custody":{"model":"borrower_held","rehypothecation":false,"insurance_note":"Not applicable"},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":true,"note":"Collateral is held segregated for the borrower without rehypothecation or title transfer; a loan against your bitcoin is generally not a taxable disposition in the US. Informational only, not tax advice. See /methodology."},"terms":{"loan_max_usd":3000000,"prepayment_policy":"Varies by partner lender","deferred_interest":false,"rate_notes":"Rate varies by partner lender used; typically 0.5-1% above conventional. Specific quote requires consultation."},"risk":{"liquidation_threshold_note":"Not applicable, no BTC pledge","cure_period_note":"Not applicable, no BTC pledge"},"coverage":{"states_supported":["CA","CO","CT","FL","GA","ID","IL","MD","MI","NC","NH","NJ","OH","OR","TN","TX","VA"]},"mortgage":{"subtype":"qualify_with_crypto","interest_type":"fixed","documentation":"full_doc","property_types":["primary","second_home","investment"],"term_options":[{"note":null,"term":"30yr_fixed"},{"note":"Various non-QM ARMs","term":"arm"}],"no_margin_call":true,"foreign_national":false,"notes":"Broker-style operation — works with a network of crypto-friendly mortgage lenders rather than originating directly. Asset-depletion model in most cases. Some partner pathways involve pledged collateral. 13-state footprint. Refinance available (purchase, refi, cash-out)."},"rates_last_verified":"2026-07-28","rates_source_url":"https://www.lendfriendmtg.com/crypto-backed-mortgages","source_urls":["https://lendfriendmtg.com/crypto-backed-mortgages"],"_ref":"2418bc6167"},{"slug":"milo","name":"Milo","review_url":"https://borrowonbitcoin.com/milo","website":"https://milo.io","loan_types":["mortgage"],"established_year":2018,"product_launch_year":2022,"nmls_id":"1811449","description":"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.","key_facts":["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","Zero historical margin calls (company claim)"],"custody":{"model":"qualified_custodian","partners":["Coinbase Custody","BitGo"],"rehypothecation":false,"insurance_note":"$250M Lloyd's of London insurance held by BitGo Trust; Coinbase Custody has extensive but undisclosed coverage. No rehypothecation."},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":true,"note":"Collateral is held segregated for the borrower without rehypothecation or title transfer; a loan against your bitcoin is generally not a taxable disposition in the US. Informational only, not tax advice. See /methodology."},"terms":{"apr_min":7,"apr_max":9,"max_ltv":100,"origination_fee_pct":2,"loan_min_usd":275000,"loan_max_usd":5000000,"deferred_interest":false,"rate_notes":"Mortgage rate varies by underwriting factors, loan size, term length, property type, and crypto pledge structure."},"risk":{"liquidation_threshold_note":"~65-69% decline in BTC value from origination price triggers margin call (FAQ: ~69%; blog: 65%). 72-hour cure window. Partial liquidation if uncured. Zero historical margin calls in portfolio.","cure_period_note":"72 hours to respond to margin call by adding collateral or making a principal payment. Partial liquidation (not full balance) if not cured within window."},"coverage":{},"mortgage":{"subtype":"collateralized_non_qm","interest_type":"hybrid","documentation":"low_doc","property_types":["primary","second_home","investment"],"term_options":[{"note":"Interest-only structure","term":"30yr_fixed"}],"no_margin_call":false,"foreign_national":true,"notes":"0% cash down with 100% BTC pledged. Self-custody product available at up to 75% LTV. Margin call triggered when collateral drops 56–69% from pledged value; borrower can top up BTC, add cash, or partial liquidate. Zero historical margin calls per company. Foreign nationals served (no SSN required)."},"rates_last_verified":"2026-07-28","rates_source_url":"https://milo.io/mortgage/crypto-backed-mortgage","source_urls":["https://milo.io/mortgage/crypto-backed-mortgage","https://milo.io/blog/understanding-milos-crypto-mortgage"],"_ref":"9cb639a3c3"},{"slug":"moonmortgage","name":"Moon Mortgage","review_url":"https://borrowonbitcoin.com/moonmortgage","website":"https://moonmortgage.io","loan_types":["mortgage"],"established_year":2022,"product_launch_year":2022,"description":"Operating since 2022. Anchorage Digital qualified custody. $1M minimum loan; average loan ~$1.6M. Rates not publicly posted, contact directly.","key_facts":["Anchorage Digital qualified custody","$1M minimum loan","14-day close possible","Standard mortgage requirements (DTI, credit, appraisal)"],"custody":{"model":"qualified_custodian","partners":["Anchorage Digital"],"rehypothecation":false,"insurance_note":"Not publicly posted"},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":true,"note":"Collateral is held segregated for the borrower without rehypothecation or title transfer; a loan against your bitcoin is generally not a taxable disposition in the US. Informational only, not tax advice. See /methodology."},"terms":{"max_ltv":100,"loan_min_usd":1000000,"deferred_interest":false,"rate_notes":"Rates not publicly posted; varies by loan size and crypto collateral structure. Verify directly."},"risk":{"liquidation_threshold_note":"Pre-agreed underwriting threshold; not publicly posted"},"coverage":{"states_supported":["FL","TX","CO"]},"mortgage":{"subtype":"collateralized_non_qm","interest_type":"fixed","documentation":"full_doc","property_types":["primary","investment"],"term_options":[{"note":"Non-QM flexible terms","term":"varies"}],"no_margin_call":false,"foreign_national":false,"notes":"Owner-occupied limited to FL, TX, CO. Investment property available in most states. 14-day close possible. Standard mortgage requirements still apply (DTI, credit, appraisal). Collateral not liquidated unless price drops to pre-agreed underwriting threshold."},"rates_last_verified":"2026-07-28","rates_source_url":"https://moonmortgage.io","source_urls":["https://moonmortgage.io"],"_ref":"f97746967c"},{"slug":"newrez","name":"Newrez","review_url":"https://borrowonbitcoin.com/newrez","website":"https://newrez.com","loan_types":["mortgage"],"established_year":2008,"product_launch_year":2026,"nmls_id":"3013","description":"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.","key_facts":["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"],"custody":{"model":"borrower_held","rehypothecation":false,"insurance_note":"Not applicable"},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":true,"note":"Collateral is held segregated for the borrower without rehypothecation or title transfer; a loan against your bitcoin is generally not a taxable disposition in the US. Informational only, not tax advice. See /methodology."},"terms":{"prepayment_policy":"Standard non-QM","deferred_interest":false,"rate_notes":"Standard non-QM Smart Series pricing, typically 0.5-1.5% above conventional. Rate depends on credit, DTI, and crypto-asset valuation."},"risk":{"liquidation_threshold_note":"Not applicable, no BTC pledge","cure_period_note":"Not applicable, no BTC pledge"},"coverage":{"states_supported":["ALL"]},"mortgage":{"subtype":"qualify_with_crypto","interest_type":"fixed","documentation":"full_doc","property_types":["primary","second_home","investment"],"term_options":[{"note":null,"term":"30yr_fixed"},{"note":null,"term":"15yr_fixed"},{"note":"Various ARM products","term":"arm"}],"no_margin_call":true,"foreign_national":false,"notes":"First top-25 mortgage lender to formally accept crypto for qualification. Borrower keeps custody — no pledge required. BTC counts toward asset/income qualification with a market-adjusted valuation discount. Must be held in US-regulated exchange, FinTech, SEC-FINRA brokerage, or OCC-chartered bank. Borrower funds down payment in USD."},"rates_last_verified":"2026-07-28","rates_source_url":"https://newrez.com","source_urls":["https://newrez.com"],"_ref":"426a706bac"},{"slug":"nexo","name":"Nexo","review_url":"https://borrowonbitcoin.com/nexo","website":"https://nexo.com","loan_types":["general_loan"],"established_year":2018,"product_launch_year":2018,"description":"Nexo offers instant crypto-backed credit lines, letting you borrow against Bitcoin without selling. It relaunched in the US in February 2026 through regulated partner Bakkt. A US borrower holding no NEXO tokens borrows at 15.9% APR; the lower rates Nexo advertises each require holding NEXO tokens (a share of your portfolio or a fixed amount), so a Bitcoin-only borrower does not qualify for them.","key_facts":["Relaunched in the US in February 2026 via Bakkt after a 2022 exit","15.9% APR for a US borrower holding no NEXO tokens; lower rates require holding NEXO","50% LTV on BTC, $50 to $2M, no origination or monthly fees","Liquidation is partial: Nexo repays part of the credit line from a portion of collateral","Instant funding once approved"],"custody":{"model":"lender_pool","rehypothecation":true},"ria_compatibility":{"collateral_not_rehypothecated":false,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":false,"note":"Collateral may be pooled, rehypothecated, or title-transferred; whether that affects tax treatment depends on the specific structure. Informational only, not tax advice. See /methodology."},"terms":{"apr_min":15.9,"apr_max":15.9,"effective_apr_100k_50ltv":15.9,"max_ltv":50,"origination_fee_pct":0,"loan_min_usd":50,"loan_max_usd":2000000,"funding_days_min":0,"funding_days_max":0,"deferred_interest":false,"rate_notes":"US Credit Line via Bakkt: 50% LTV on BTC, $50 to $2M ($200M for Nexo Private), no origination fee, repay anytime with partial automatic repayment. The 15.9% APR shown is Nexo's standard rate for a borrower holding no NEXO tokens (the 'Get Started' tier). Nexo advertises lower rates, but each requires holding NEXO tokens as a share of your portfolio or a fixed amount, so a Bitcoin-only borrower borrows at 15.9%."},"risk":{"liquidation_is_partial":true,"key_risks":["Standard Nexo terms permit rehypothecation (re-lending of pledged collateral); whether the US Bakkt structure segregates collateral is not yet confirmed, so it is worth asking directly","The lowest advertised APR generally assumes holding NEXO tokens at a low LTV; most borrowers should expect a higher rate","US-specific rates, LTV, eligible states, and liquidation thresholds are not published, so the global figures shown may not apply; confirm current US terms directly","Regulatory history includes settled 2023 SEC and multistate matters over its Earn Interest Product"]},"coverage":{},"rates_last_verified":"2026-07-28","rates_source_url":"https://nexo.com/borrow","_ref":"5a9347c5db"},{"slug":"rate","name":"Rate","review_url":"https://borrowonbitcoin.com/rate","website":"https://rate.com/mortgage/ratefi","loan_types":["mortgage"],"established_year":2000,"product_launch_year":2026,"nmls_id":"2611","description":"Major established mortgage lender (Rate, formerly Guaranteed Rate, founded 2000). RateFi crypto product launched Feb 2026. Asset-qualification model: crypto counts toward qualification, no pledge. All 50 states.","key_facts":["Major established lender, founded 2000 (formerly Guaranteed Rate)","No collateral pledge, borrower keeps Bitcoin","No margin call risk","All 50 states","Refinance available (purchase, rate-and-term, cash-out)"],"custody":{"model":"borrower_held","rehypothecation":false,"insurance_note":"Not applicable"},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":true,"note":"Collateral is held segregated for the borrower without rehypothecation or title transfer; a loan against your bitcoin is generally not a taxable disposition in the US. Informational only, not tax advice. See /methodology."},"terms":{"prepayment_policy":"Standard non-QM","deferred_interest":false,"rate_notes":"Standard non-QM pricing, typically 0.5-1% above conventional. Rate depends on credit, DTI, and crypto-asset valuation."},"risk":{"liquidation_threshold_note":"Not applicable, no BTC pledge","cure_period_note":"Not applicable, no BTC pledge"},"coverage":{"states_supported":["ALL"]},"mortgage":{"subtype":"qualify_with_crypto","interest_type":"fixed","documentation":"full_doc","property_types":["primary","second_home","investment"],"term_options":[{"note":null,"term":"30yr_fixed"},{"note":"Various ARM products","term":"arm"}],"no_margin_call":true,"foreign_national":false,"notes":"Asset-qualification model — crypto value counts toward qualification with a volatility haircut. No collateral pledge. Borrower keeps custody. Must be in approved custodial wallet or regulated exchange (no DEX). Borrower funds down payment in USD. Refinance available (purchase, rate-and-term, cash-out)."},"rates_last_verified":"2026-07-28","rates_source_url":"https://rate.com/mortgage/ratefi","source_urls":["https://rate.com/mortgage/ratefi"],"_ref":"54e23e482e"},{"slug":"salt","name":"SALT","review_url":"https://borrowonbitcoin.com/salt","website":"https://saltlending.com","loan_types":["general_loan"],"established_year":2016,"product_launch_year":2016,"description":"Operating since 2016. APR tiered by LTV: 7.49% at 30% LTV, 8.75% at 50%, 10.50% at 70%. No origination fee. Loan agreement states it does not rehypothecate (no third-party lending of collateral).","key_facts":["Operating since 2016","Up to 70% LTV, the highest among general loans on this list","APR tiered by LTV (9.95% / 10.95% / 14.45%)","International availability: Australia, Canada, Brazil, Portugal, Switzerland, UK, UAE, Vietnam"],"custody":{"model":"lender_pool","rehypothecation":false,"insurance_note":"Not publicly posted"},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":false,"note":"Collateral may be pooled, rehypothecated, or title-transferred; whether that affects tax treatment depends on the specific structure. Informational only, not tax advice. See /methodology."},"terms":{"apr_min":7.49,"apr_max":10.5,"effective_apr_100k_50ltv":8.75,"max_ltv":70,"origination_fee_pct":0,"loan_min_usd":5000,"term_options":"1, 3, or 5 years; rates increase with term length; 70% LTV available on 1-year only","funding_days_min":1,"funding_days_max":2,"prepayment_policy":"No prepayment penalty and no late fees.","deferred_interest":false,"rate_notes":"12-month standard tiers: 30% LTV: 7.49% APR · 50% LTV: 8.75% APR · 70% LTV: 10.5% APR. 0% origination fee on SALT's standard schedule (some states may add ~1%). 1, 3, and 5-year terms available; 70% LTV offered on the 12-month term only. State-specific pricing — rates shown are standard (non-promotional). Source: SALT term-options API (via saltlending.com), cross-checked against saltlending.com/rates-and-fees.","fees_summary":"No origination fee, no late fees, and no prepayment penalty. If a margin call goes uncured, Salt does not run a traditional liquidation; it stabilizes the loan by converting the bitcoin collateral to USDC (a 3% conversion fee) and leaves the loan in place, with a further 2% fee to convert the USDC back to bitcoin later."},"risk":{"liquidation_is_partial":true,"liquidation_threshold_note":"Four stages: (1) warning at 75% LTV; (2) formal margin call at 83.33% LTV with a 48-hour cure; (3) final notice at 88% LTV; (4) Stabilization at 90.91% LTV. Stabilization is not a traditional liquidation: rather than selling collateral to repay the loan, Salt converts the bitcoin collateral to USDC to lock in its value and leaves the loan in place. The conversion carries a 3% fee, and converting the USDC back to bitcoin later carries a 2% fee.","cure_window_hours":48,"cure_period_note":"48 hours to cure once formal margin call issued at 83.33% LTV. Must restore LTV to 70% or below.","has_downside_protection":true,"has_early_warning":true,"key_risks":["Briefly paused customer withdrawals during the November 2022 market stress and later resumed them","As with custodial lenders that hold collateral in their own name, pledged Bitcoin could be treated as a general unsecured claim in a bankruptcy","Regulatory history includes a settled 2020 SEC matter tied to its 2017 token sale and a 2024 California DFPI consent order, both resolved; as with any lender, confirm active licensing in your state"]},"coverage":{"states_excluded":["NY","ND","SD"]},"rates_last_verified":"2026-07-28","rates_source_url":"https://saltlending.com/bitcoin-loan-calculator/","source_urls":["https://saltlending.com/rates-and-fees","https://saltlending.com/terms-of-use","https://dfpi.ca.gov/wp-content/uploads/2024/12/Consent-Order-SALT-Lending-LLC.pdf"],"_ref":"725daeba16"},{"slug":"strike","name":"Strike","review_url":"https://borrowonbitcoin.com/strike","website":"https://strike.me/lending","loan_types":["general_loan"],"established_year":2017,"product_launch_year":2024,"description":"Bitcoin-only loans with no origination fee. Collateral held by Strike or capital partners in segregated wallets, no named third-party qualified custodian. Proof-of-reserves published. $2.1B credit facility with Tether.","key_facts":["No origination fee","Proof-of-reserves for collateral","$2.1B credit facility with Tether (2026)","Volatility-proof loan structure (announced 2026)","Bitcoin-only"],"custody":{"model":"lender_pool","rehypothecation":false,"insurance_note":"Not publicly posted"},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":false,"note":"Collateral may be pooled, rehypothecated, or title-transferred; whether that affects tax treatment depends on the specific structure. Informational only, not tax advice. See /methodology."},"terms":{"apr_min":7.75,"apr_max":11.25,"effective_apr_100k_50ltv":11.02,"max_ltv":50,"origination_fee_pct":0,"loan_min_usd":10000,"loan_max_usd":5000000,"term_options":"12-month fixed-term loan. Separate line-of-credit product also available (revolving, no maturity date).","funding_days_min":0,"funding_days_max":1,"prepayment_policy":"No prepayment penalty. Full closure permitted after 61 days. Cash repayments free; BTC collateral repayment incurs 0.79% processing fee (state-dependent).","deferred_interest":false,"rate_notes":"No origination/prepayment/liquidation fees. Two products, 50% max LTV, slider $10K-$5M. Monthly-payment product (APR > nominal rate due to monthly compounding): $5M = 7.75% APR (7.49% nominal), $10K = 11.02% APR. Pay-at-maturity product: $5M = 8.75% APR, $10K = 11.25% APR (highest). Marketing floor 'starting at 7.75% APR'. Verified via browser (strike.me/lending) 2026-07-05.","fees_summary":"No origination fee"},"risk":{"liquidation_fee_pct":0,"liquidation_is_partial":true,"liquidation_threshold_note":"Warning at 65% LTV. Margin call at 70% LTV, 72h cure to restore to 65% or below. Auto-partial-liquidation at 85% LTV (only enough BTC sold to restore to 65%). Note: 'volatility-proof' non-liquidating product is private client desk only.","cure_window_hours":72,"cure_period_note":"72 hours from margin call trigger (extended from 24h in February 2026). Must restore LTV to 65% or below. Auto-cancels if BTC price recovers within window.","has_downside_protection":false,"has_early_warning":true},"coverage":{"states_excluded":["DE","HI","MD"]},"rates_last_verified":"2026-07-28","rates_source_url":"https://strike.me/en/lending/","source_urls":["https://strike.me/lending","https://strike.me/blog/announcing-upgrades-to-bitcoin-backed-loans"],"_ref":"daac74a549"},{"slug":"unchained","name":"Unchained","review_url":"https://borrowonbitcoin.com/unchained","website":"https://unchained.com","loan_types":["general_loan"],"established_year":2016,"product_launch_year":2016,"description":"Operating since 2016. Multisig collaborative custody: borrower holds 1 of 3 keys. Non-rehypothecation is verifiable on-chain. $150K-$1M loan range. Rates by consultation; not publicly posted.","key_facts":["Multisig collaborative custody, borrower holds 1 of 3 keys","Non-rehypothecation verifiable on-chain","Operating since 2016","Bitcoin-only focus"],"custody":{"model":"multisig_collaborative","partners":["Fortis Bank"],"rehypothecation":false,"insurance_note":"Not publicly posted. Security model is 2-of-3 multisig non-custodial + non-rehypothecation. No insurer or policy limit disclosed."},"ria_compatibility":{"collateral_not_rehypothecated":true,"basis":"Derived from published custody/rehypothecation facts; informational only, not legal, tax, or suitability advice."},"tax_treatment":{"retains_collateral_title":true,"note":"Collateral is held segregated for the borrower without rehypothecation or title transfer; a loan against your bitcoin is generally not a taxable disposition in the US. Informational only, not tax advice. See /methodology."},"terms":{"apr_min":14.18,"apr_max":14.18,"max_ltv":50,"origination_fee_pct":2,"loan_min_usd":150000,"loan_max_usd":1000000,"term_options":"90 to 360 days; standard is 360 days (interest-only, principal at maturity); refinance available at maturity but requires new application","funding_days_min":2,"funding_days_max":2,"prepayment_policy":"No prepayment penalty. Origination fee is non-refundable on early payoff.","deferred_interest":false,"rate_notes":"Public calculator at unchained.com/loans shows 12% interest rate / 14.18% APR / 2% origination fee at $150K minimum / CTP 200% (50% LTV) / 12-month term. APR is effective APR inclusive of origination fee. Fortis Bank holds one key in 2-of-3 multisig alongside Unchained. Larger loan sizes may qualify for lower rates, contact for quote. Business entities only (no sole proprietors). Verified 2026-07-05."},"risk":{"liquidation_fee_pct":2,"liquidation_is_partial":false,"liquidation_threshold_note":"CTP < 150% (LTV > 66.7%) triggers 24h margin call. CTP ≤ 120% (LTV ≥ 83.3%) triggers immediate hard liquidation with no additional cure. Max origination LTV is 40% (CTP 250%). BUSINESS ENTITIES ONLY, no sole proprietors.","cure_window_hours":24,"cure_period_note":"24 hours to cure CTP violation (for contracts post Feb 19, 2025). Options: add BTC collateral or repay principal to restore CTP above 150%. After cure window, foreclosure notice issued; liquidation is immediate and irreversible.","has_downside_protection":false,"has_early_warning":false},"coverage":{"states_excluded":["LA","MT","NV","NM","NY","ND","SD"]},"rates_last_verified":"2026-07-28","rates_source_url":"https://www.unchained.com/loans","source_urls":["https://www.unchained.com/loans","https://unchained.com/loans"],"_ref":"c684ad24a6"}]}