Crypto mortgage lender Milo has originated over $100 million in home loans, including a record $12 million transaction. The Miami-based firm allows borrowers to use Bitcoin or Ethereum as collateral without selling their assets, maintaining a perfect record of zero margin calls. Founder Josip Rupena highlights the product's role in helping crypto holders access real estate amid market volatility.
Milo, a U.S.-based cryptocurrency lending firm specializing in crypto-backed mortgages, announced on February 18, 2026, that it has surpassed $100 million in loan originations. This milestone includes the company's largest deal to date: a $12 million mortgage in Tennessee. The firm holds mortgage provider licenses in ten states, including Florida, Texas, California, Colorado, Connecticut, and Arizona, with plans for expansion.
Borrowers can pledge Bitcoin or Ether as collateral for loans up to $25 million, covering 100% of the property value without requiring cash down payments or triggering taxable events. Collateral can be held with custodians like Coinbase or BitGo, or self-custodied. Interest rates start at 8.25%, and funds can be used for home purchases, land acquisition, improvements, or business investments. Milo has issued zero margin calls across its portfolio, even during volatile crypto periods, by designing loans to withstand up to 65% drawdowns—more conservative than typical crypto loans with 25% triggers.
If collateral values drop significantly, Milo reduces the loan amount to 65-70% loan-to-value, allowing borrowers to continue payments and retain their homes. 'We designed it in a way that as long as a person can continue to make payments, they're going to be able to continue to have this home. They're not going to lose their home, because Bitcoin goes down,' Rupena said.
Typical clients are aged 30-55, with annual incomes around $100,000 and crypto holdings of $3-7 million, often representing 95% of their net worth. A standard transaction involves a $1.5 million home. Demand has been higher in Southern California than anticipated in Miami, though several deals have occurred in Florida hotspots. Rupena noted organic growth through word-of-mouth and repeat borrowers, with the firm now operating leanly at 13 employees, six in South Florida, aided by AI efficiencies.
Bitcoin pioneer Adam Back endorsed the product: 'Milo's product is a game changer in bitcoin lending and unlocks real world use cases for so many bitcoiners. While bitcoin continues to appreciate, buyers are able to build equity in real estate and don't have to sell their long term conviction, bitcoin.' Milo has facilitated loans across Bitcoin price ranges, from $20,000 to over $100,000, aligning with borrowers' life stages rather than market highs.
