Unique Bitcoin Backed Home Loan Refinance Agreement in California

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One of Southern California’s largest independent escrow companies, Glen Oaks Escrow, has announced its first home refinance with a Bitcoin-backed loan.

The company said it was the first time refinancing has been done using Bitcoin as collateral. In the July 28 announcement, he added that he had previously facilitated a number of real estate transactions using BTC as a payment method.

Glen Oaks Escrow, which started accepting Bitcoin payments in 2018, sees the transaction as evidence that the Bitcoin value proposition is becoming clearer for debtors and creditors. Company COO Joe Curtis said:

Seeing a lender using cryptocurrency for refinancing shows us that this payment method continues to grow in how it is used and by whom it is used.

He added that seeing the lender rather than the home buyer using BTC in a real estate transaction tells us that this technology has the potential to continue to become more important, although it is still considered new to our industry.

In another crypto-related real estate development, a Dogecoin enthusiast from the U.S. state of Utah offered a 10% discount on his property if the buyer pays in DOGE.

On July 27, a local TV station announced that the owner had listed the house for $ 389,000 and would accept seven cryptocurrencies, but preferred Dogecoin as he believed the 10% discount would quickly be offset by appreciation. of the Dogecoin price. After applying the discount, the amount of DOGE required to complete the purchase would be approximately 1.7 million tokens at current prices.

In 2017, Cointelegraph reported on the very first BTC real estate transaction that took place in Texas.

Related: 5 Cities That Let You Buy Real Estate With Bitcoin

These two new stories are the latest positive developments in the real estate industry. On July 23, Cointelegraph reported that a growing number of real estate companies were accepting cryptocurrency payments.

The CEO and Founder of The Crypto Realty Group, Piper Moretti, told Cointelegraph that many buyers buying real estate with digital assets take out loans against their cryptocurrency, so they can still benefit from holding parts while putting value at work.

In May, it was reported that buyers could even use Dogecoin to make a real estate purchase in Portugal. FNTX Capital Suisse has partnered with Portuguese real estate developer 355 Developments to offer crypto condos in the capital, Lisbon.

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