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/biz/ - Business & Finance

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19915890 No.19915890 [Reply] [Original]

Long story short. I have about $10k in the bank and $80k in Home Equity. I have over a million dollars in Crypto. It's spread out between Binance, CoinBase Pro, a few cold wallets, and a Ledger Nano. And I'm still on furlough from my job and might not get the job back at all.

I plan on selling my house and moving to a Lakefront property in another state before year end.

So my question is how do I do get pre-approved or get a mortgage with the bank? I definitely don't plan on liquidating half of my Crypto holdings to pay cash. Do any banksb accept Cyrpto holdings as collateral/Assets?

What the heck am I supposed to do if they see I have no job and no cash? They aren't going to give a $400-500k house loan to someone worth close to $2 million???

In before the he thought he could cash out meme.

>> No.19915955

>>19915890
You can use your crypto as collateral for loan on a defi service such as aave
No time limit to how long but you would likely average 6-7% interest. The upside is you would be able to hold all your crypto and keep any gains made in the time when the loan is active
Also no tax from cashing out

>> No.19915982

Not these horrible fake money designs again

>> No.19915986

>>19915890
>I definitely don't plan on liquidating half of my Crypto holdings to pay cash.
why not?
are you afraid to subject your hoard to the ultimate test i.e. actually turning it into useable money that you can use?

>> No.19915999

>>19915890
Why do you need a home loan if you can just buy it with the crypto?

>> No.19916000
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19916000

>>19915890

your only option is to cash out and good luck with that. nobody is going to give you a mortgage based on imaginary internet money and no job

>> No.19916082

>>19916000
man, literally go fuck yourself with your own dick, faggot. this is such a stupid outlook on crypto. so unimaginative, almost like reddit trash

>> No.19916102

>>19915955
This is why Defi will win

>> No.19916138

>>19915890
Deposit in AAVE
take out a loan using it as collateral
pay it as a regular loan
ez

>> No.19916157

>>19915986

Because I don't want to sell something that I feel will at least double in value over the next year for something that loses value every year.

>>19915999

See above. I don't want to sell my Crypto holdings.

>> No.19916185

>>19915890
Opening up a business/custodial account with a regulated exchanges and get printed statements that have a USD balance. Make sure the custodian has SOC reports and have been audited. This may make your holdings look better to the lender

>> No.19916189

>>19916157
degenerate gambling mindset. Digits in an app are not the end game, just the pathway. You have a good stack of funds you could use to purchase a nice house and live comfy, but instead you want to keep gambling. Quit while you're ahead.

>> No.19916214

You can also ask the crypto custodian to send you an audit confirmation that you have a certain USD balance in crypto. Don’t send any blockchain explorer screen caps to the lender. You want to show them proof of holdings in the most boomer way as possible

>> No.19916217

do fraud.

>> No.19916223

>>19916185

But I would have to trust ALL my holdings to an exchange... ugh.

Why the fuck should I pay taxes if nobody recognizes my Crypto as valuable.

>> No.19916258

>>19916223
I can tell you’re going to lose your money soon. Don’t be dumb and have a larger cash position. Like anon said above. It’s just digits until you cash out

>> No.19916367

>>19916258

I understand where you all are coming from, but I know what I have. I'm creating generational wealth. My crypto holdings are more comfy to me than any Blue Chip stock.

>> No.19916368

>>19916157
But you can buy it back afterwards anon
>something that loses value every year.
a house? lmao

>> No.19916413

>>19915955
>crypto flash crashes
>your entire life savings are gone
nothing personnel defi kids

>> No.19916418

>>19915890
>Do banks accept casino chips as collateral?
If course not.
You could get hacked. You could lie and said you got hacked. You could lose your keys. You internet Chucky Cheese tolkens could lose all of their value. Etc.

If you do get approved, please let me know which bank so that I can short it. Since their management is clearly retarded.

>> No.19916425

>>19916413
This. Lol at the defi unicorns in this thread. Just another 2008 waiting to happen in the crypto space

>> No.19916434

>>19916138
Wait, you could literally sell into USD, use the money in your bank account in USD to secure the mortgage, immediately rebuy into whatever asset you loaned from AAVE and then pay your mortgage by whatever means you have. Furnish your entire home using BTC-to-giftcard and you're solid, right?

Paying that capital gains tax when cashing out would be the bugaboo though, wouldn't it?

>> No.19916453

>>19915890
Open a CDP with Maker fucktard

>> No.19916460

>>19916368

>But you can buy it back afterwards anon

I feel like the golden bull run is going to happen SOON. I don't want to be sitting on the sidelines...

>a house? lmao

No, the US dollar.

"Luxury Location" homes will go up twice as fast in value compared to the average home over the next 10 years.

>> No.19916482

>>19916413
>>19916425
Okay, this is a valid point, but that's precisely why no bank will authorize a collateralized loan backed by crypto either. So OP literally has no choice but to use a permissionless platform if he wants to do this

>> No.19916506

>>19915890
why r u taking out a loan when you can just use your crypto? fucking kike

>> No.19916512

>>19916460
>I feel like the golden bull run is going to happen SOON
Bro it already happened like 3 years ago

>> No.19916543

>>19916482
Like I said, just go to a custodian like bitgo or anchorage and draw a line of credit from them and deposit your crypto as collateral. Eliminates smart contract risk. Deposit and request loan for only the amount you need in usd

>> No.19916635
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19916635

>>19915955
>>19916138

>>19916453
AAVE

>> No.19916661

>>19916413
Assuming he deposits 2 mill (BTC for example) and takes out a 400k loan price would have to go very low, about 22% of what it is currently so around 2k. Not impossible, and with that much money any possibility is a risk.

>> No.19916667

>>19916506

Is this how a poor person brain works? Sometimes you can beat the kikes at their own game retard.

>>19916512

Which is how I got here. You actually think that was it and Crypto is dead? You think their isn't a bigger/better run coming?

>>19916543

Man, I haven't been on top of all this new Defi stuff and putting half a million up in a smart contract on some new Defi platform will have me shitting my pants nonstop.

>> No.19916894

>>19916667
>You actually think that was it and Crypto is dead?
Not by any means, but the last moon was based on normie society turning Bitcoin into a meme. Its novelty has passed, from here on out any major swings are just going to be whales playing with the market.

>> No.19917008

Not to mention that these coins are meant to be currency, stability is much more "alive" than massive swings

>> No.19917015

>>19915890
Buy the house with bitcoin...

>> No.19917061

>>19916082
Well what did you expect from a wojak poster?

>> No.19917082

>>19915890
>cashing out
ngmi

>> No.19917088

Of course no-one is going to give you a loan on the strength of your digital zoomer meme money, idiot.

>> No.19917149

>>19917008
>These coins are meant to be currency
Heh grandboomer how did you get on the internet again?

>> No.19917158

>>19915890
If you have 10k liquidity and 80k in equity why not explain to the bank that you plan on buying a property and are selling the current home and just have them remortgage for you? How much more is this property compared to your house?

>> No.19917410

>>19917158

My house is probably only $150k. Houses I'm looking at are around $500k so can't go that route.

Looks like I either trust some Defi option or take sell a big chunk of my Crypto...

>> No.19917651

>>19917410
Do not trust defi. It’s ok for 10-20 grand big deal but losing 300k would fucking suck bc someone finds a flaw in the smart contract and drains everything

>> No.19917701

>>19917410
>Houses I'm looking at are around $500k
Are you moving to California or some shit

>> No.19917864
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19917864

>>19915890
Your problem is EXACTLY what DMM/DMG and AAVE were made to solve, anon. And you bet that your situation isn't isolated. Connect the dots

>> No.19918237

>>19917701

>Lakehouse

>> No.19918972

If you were hypothetically approved for a loan and were paying it off with crypto wouldn't you end up paying the same capital gains tax as?
or do you pay capital gains on the house when you buy it with the debt and paying debt with crypto is not capital gains

you should walk into your bank with a signatures from your addresses just for the laughs