- Coinbase Asset Management President Anthony Bassili said the Bitcoin mortgage down payment product has “thousands of applications” in the pipeline.
- Grant Cardone avoids mentioning Bitcoin to Fannie Mae, predicting lenders will regret not financing against the cryptocurrency when it reaches $400,000 or $500,000.
- Fannie Mae-backed lenders began accepting Bitcoin for mortgage down payments in August through Coinbase and Better Home & Finance.
At the Bitcoin Treasuries Conference in New York, Grant Cardone, founder of Cardone Capital, said he keeps Bitcoin out of loan conversations with Fannie Mae despite linking the cryptocurrency to the apartment buildings he finances. Cardone made the statements during a panel discussion published on Sunday.
Cardone said his firm is working on $600 million of deals carrying about $350 million of debt. “I never tell Fannie Mae I’m putting Bitcoin on it,” he said, adding that mentioning Bitcoin is “just too much.”
He predicted lenders would regret this stance. “They’re going to wish they gave me a loan on that Bitcoin, not on the real estate,” Cardone stated when Bitcoin reaches $400,000 or $500,000 in five years. He also advocated for a Bitcoin-based alternative to private mortgage insurance, calling it a deal where “everybody’s a winner.”
On the same panel, Anthony Bassili, president of Coinbase Asset Management, said the Bitcoin down payment product has “thousands of applications” in the pipeline. Lenders are comfortable because Bitcoin is liquid and can be sold if a borrower defaults. “We’re very happy to take ownership of it if they end up defaulting on their loan,” Bassili said.
Better Home & Finance requires pledged Bitcoin to be worth 250% of the down payment loan amount. The company claimed 41% of its pre-approved customers qualify on income and credit but lack cash for a down payment.
Bitcoin’s price was trading around $83,330, up 0.4% over the past 24 hours. Retail sentiment on Stocktwits remained ‘bearish’ with ‘low’ chatter levels.
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