Bitcoin Forum

Im looking for a bitcoin funded mortgage. Im asset-rich and fiat-poor, but have the opportunity to purchase a grand victorian home for about half of what it would cost to build. i am a long-time user of bitcointalk, and have ongoing development involvement with two separate active currencies over the last two years.

Essentially, I need to borrow between 40 and 45 BTC, with repayment scheduled over 5 years with a minimum 25% return. I have collateral in the form of a PoS altcoin GAYmoney (which features a 20% APR), and will be wiling to put 200-250% of the loan value in escrow, secured by multi-sig. i will present the lender with the option to take bi-weekly or monthly payments either in the minted currency from the escrowed wallet or to have those funds converted to BTC and used as direct payment against the principle.

eg:
GAYmoney average value over last 30 days: (USD $0.50)
current value via coinmarketcap: (USD $$0.620959)
escrowed wallet size: 250,000 units (assumable value @ $0.50: USD $152,500)
daily minting: ~125 units (assumable value @ $0.50: USD $62.50)
therefore, bi-weekly lender would receive either 1750 units of the escrowed altcoin, OR those would be sold on market for BTC, which is paid directly against the debt (average of $875 worth). monthly, this would equal 3750 units of the currency or sold for BTC to be paid directly against the debt ($1875 worth).

link: http://coinmarketcap.com/currencies/gaycoin/#BTC
present project website: gaycoin.online

based on current prices, the principle would be paid down after approx 42 months (3.5 years) which would produce 18 months of pure interest delivered to the lender. as per standard mortgage practices, this interest would be applied foremost to the repayment plan, 95% interest to 5% principle until the assumable interest (approx 14 BTC) is covered. i would also offer a three month early payment penalty (2.33 BTC) should my other reserves of this altcoin generate enough money to effectively shorten the loan period, which is likely.

if the lender wishes, they can simply take the whole minited balance on a regular schedule, which will conclude the loan after 5 years. we can negotiate this timeframe as well, either a larger escrowed amount over a shorter time if necessary. (will escrow up to 300% the value of the loan over 5 years if lender wishes to take this route)

id be willing to take several smaller lenders coming together to fund this, which will produce proportional payments on the agreed-upon schedule, although all lenders would need to agree on one form of payment (in BTC or altcoin) at the outset of the loan.

at the conclusion of the loan, the escrowed balance of currency will be returned to my sole control. there is risk in this sort of loan, what if bitcoin tanks? what if my altcoin fulfills its plan for the coming months and reaches USD $1 parity or more? there is possibility of great reward, but i will do my best to mitigate any likelihood of loss, and should the altcoin escrowed fall in value below a certain threshold, i will top up the escrowed amount to compensate. this option may be visited once every 6 months, and can be strictly delineated in the loan agreement..

conversely, i would be willing to sell this altcoin outright, at between 66-75% its current market value, depending on the offer. (ie: 40 BTC for ~300,000 units of currency based on an aggregate USD $0.33 unit cost, we can negotiate this)

for the sake of transparency, i am involved with the current development of GAYmoney, so these funds are simply a portion of my developer's reserve. this currency has been somewhat under-the-radar since it was launched in 2014. the original developer is still very much involved with the project, he simply faced the sorts of prejudice and homophobia on his original announcements that caused him to lock the threads. i will be administering the new [ANN] as we get closer to the relaunch, i simply want to have the services we are working on to be ready for a rebranding of the project beforehand.

together we are working on this rebranding, which will be live for September 2017. we have secured the rights to the gay.money and gay.foundation domains and will be running two websites, as this project truly has two arms - the cryptocurrency arm to assess unit value and real world integrations and a philanthropic arm which will use direct community involvement for LGBT+ advocacy and social awareness campaigns as well as HIV/AIDS research and funding towards womens shelters. this is what Mr. Lawin hopes to be a legacy, and reflects his experiences growing up behind the iron curtain of eastern europe during a period his sexual identity was considered a criminal offense. there will be a lot of movement in the next few months as Mr. Lawin, the lead developer, want to provide a legacy of charitable work for these communities for years to come. we have already begun reaching out to other LGBT philanthropic organizations to help with this project, but those remain very preliminary, and will be more concrete as the rebranding approaches.

we are working on securing the licensing for a GAYmoney centric exchange with fiat gateways and pairings to major cryptocurrencies. we will also be launching better.exchange which will host cryptocurrencies that have a social conscience. we are also in the process of registering GAYmoney LLC as a corporate entity and will providing a complete dedication to transparency in all aspects of the project. we are also in the process of attracting businesses within the LGBT community to accept GAYmoney as tender, presently focusing on the LGBT-owned or friendly b&b markets. i am becoming very active with the local LGBT communites in my region, because i have to have that sort of connection with the community to understand its needs.

i will be receiving a wage for my work on GAYmoney, on top of my developer's reserve and the hope is to turn the enterprise into a well-regulated industry serving the digital financial needs of a community that serves an approximate 7% of the global population, and is as diverse as any other market, with one common indentifying birthright which is a hugely unifying factor. i will aso be maintaining my work on my other project, which is completely unassociated with GAYmoney: SOILcoin.. which is an ETH clone launched in 2015 with a direction towards renewable energy applications as well as distributed scientific computing for climate prediction, precision farming dApps and overall environmental awareness. so, in a way yuir investing in ME as well with this sort of loan, but ive been working hard in the sphere of cryptocurrency for awhile and have very strong views about the necessary high standards developers and exchanges must operate under, and im in the game for the long haul. this is simply a screaming good deal on the home of my dreams, something to secure my family's future while i work on something which promises to create a whole lot of good in the world.

i apologize for the length of this post, but if you research my writing here on bitcointalk, this is generally the sort of writer that i am. i wanted to avoid brinigin GAYmoney up into the wholesale public conversatin, simply due to the reaction it gets from some people who have bias towards that community, so please, keep the conversation civil responding to this post, ok? i think that this sort of arrangement might be the start of an entire industry.. crypto-secured mortgages with the security of the blockchain. we're all about disrupting everything so lets disrupt the mortgage industry!

please send me a PM for more details or to begin negotiations. thank you for your time. im more than willing to put title to the house as part of the surety once the loan is secured, and am willing to discuss any sort of other requirements a lender, or group of lenders would require.

GAYmoney is worth .0002485 BTC presently (USD $0.62) which has been a fairly steady average rate over the last month.the volume is the issue which is why ive offered substantially higher percentage of escrowed value compared to purchase price (200-250% for a load paying out in BTC or 300% if paying out in GAYmoney) than what most loans ask for (120%) and this was done to help insulate against valuation loss for GAYmoney, because yes, while i have aspirations for working with this currency, im a realist and know the market can go any damn way it chooses. there is heavy development occuring and ive been around long enough to know that the sort of features we are adding will build volume and should hold valuation at the very least steady.

as for market cap (http://coinmarketcap.com/currencies/gaycoin/#BTC) provides a little information, and the block explorer (http://104.236.2.124:3001) shows total coin issuance. the 5 billion reserve that frightens so many people because of how scams have occurred in the past with other currencies, has been sitting with full balance from the coin's genesis. (gLsrjEbo31wmXZQssAeGyrw4CwBZgxafev)Mr. Lawin, the project lead  has built his own balance of his currency for himself, and the premined amount is set for slow philanthropic disbursement with direct community input. there is no risk of that being dumped and affecting the overall price.

if one actually takes (coin supply*market price) into consideration, GAYmoney has a total market cap of (5603079598*0.62) or just under $3.5 billion dollars US (which puts it as #4 total market cap overall) or if one simply considers circulating currency (although XRP counts in the 60 billion in reserves that currency development holds onto presently towards its market cap) still presents a circulating value of USD $374 million, which still positions GAYmoney in the #13 spot for total market cap. so GAYmoney was value, it simply doesnt have the necessary volume presently, otherwise i wouldnt be looking for a mortgage.

the volume can and will be built, which will only improve the positioning of GAYmoney, and this sort of volume will greatly improve with a positioned exchange for GAYmoney as is in the works, but those situations are likely a few months down the road, and the chance for me to purchase this home at this sort of price range is something that doesnt come around very often. i have made an accepted offer on the house, and made my deposit on it. will send info regarding the house via PM to potential investor and allow for titile to be included as part of the surety need over and above the escrowed currency.

**to be perfectly clear... the payment will come out of the minted portion ABOVE the escrowed balance. that balance will not be altered during the mortgage period unless it is to add to its weight due to a sustained market value below an agreed upon threshold.

Why exactly are you calling this a "mortgage" if you are offering to use alt-coins as collateral?

Duplicate thread with one in lending.  Lock one.

He had it locked before creating this thread, unless he created a third one in the lending section.

for the simplicity of the term as related to real property such as a house. and similar to a mortgage, the lenders need to be ensured that there would be proper title on the home, free of encumberances, that there be detailed home inspetion and up-to-date tax certificates, all of which can be provided. i think it would be integral that the house, as encumbered equity, be included within the contract, that it be listed as part of the overall collateral.

details regarding the home: the accepted offer on the home is $112,000 CAD. (USD$72,800) i have already placed $1000 CAD on the home as deposit. the most recent tax assessment on the home (2017) is $137,500 CAD. (will provide link upon request) it is a Grand Victorian, on a 1/4 acre corner lot. it has 5 bedrooms, a third-floor in-law suite, many upgrades, and the advantage of having an established general contractor as a brother who would be performing renovations.

im willing to approach this loan from many angles, and im up for negotiating any sort of customization to teh arrangement potential lenders might have.

i feel that this sort of arrangement may become something much more common, where cryptocurrency has disrupted simple value transfer, and international remittances, and so many other financial aspects of our lives, its a logical step that we will begin to secure real world assets against these digital currencies, much as there are gold-backed cryptos, "bit-mortgages" will be a more readily available service before too long... it would be wonderful to be able to group fund something like this, with each participant receiving proportional payment as scheduled, spreading out the risk and the reward as it were.

about me: ive been working with the development side of cryptocurrency for  a couple years now, this is my career path. i will be working to improve the project for which i am offering my collateral in, and we do have a definitive roadmap in place over the next several months, we are working very diligently on real market integrations, and will add representation at other cryptocurrency exchanges as we approach september as well.

i also remain working on the SOILcoin project, which is probably less well known than GAYmoney. it is an early clone of Ethereum, and we have positioned our mission statement from our launch in october, 2015 to work towards building dApps for renewable energy, environmental concerns, precision and automated agriculture, and scientific distributed computing. that project is a long term vision, and although we are presently with code-parity to ETH (inclusive to implementing Swarm and Whisper protocols) SOIL is also investigating the implementation of Ourobouros as a POS scheme before years end, as opposed to teh Casper protocols which operate too much like a master node program for my liking.

i do have a small reserve in SOIL, which really doesnt have an assumed value presently, although we maintain diligent development, as we are truly more concerned with building security and the application infrastructure necessary to produce what we believe the EVM can do as technology catches up to our vision. but im willing to put that up, too, on principle.

im the guy the eats, thinks, moves, sleeps, DREAMS about cryptocurrency, and im a full on futurist, i see where this technology is leading in a hurry, faster than i even expected. im simply in the position, with digital assets holding a value that would get me out of the rental situation im in, paying $825 CAD for an apartment, and owning a home for my family that will allow me to commit my entire being to building value for GAYmoney (and that will be a very large project) and for SOILcoin (which was never meant to be a for-profit blockchain, really, although i understand the economic necessity for valuation, the SOILcoin project was idealized as a humanitarian project, leveraging open source applications to improve the efficiency of how we deliver energy, how we offer cloud computing and content hosting, how we decentralize agricultural technology for the benefit of the future... )

so, perhaps in a way, asking for a mortgage is simplifying the term, because overall, this is an investment not only in the escrowed balance, but in me as a developer as well. i hold myself to a very high standard with what i do, and hold those who work with me of for me to those same standards. im not rich, fiat wise. ive been out of regular work for years owing to a disability. i have intransigent epilepsy which is pharmacologically resistant, which forced  me out of the workplace where i previously enjoyed employment as a phase-1 archaeological surveyor for oil-exploration companies. ive paid the bills with a small pension for years, supplementing with small clientele tattooing, but ive always had a head for numbers, and cryptocurrency as an overall ecosystem came very easily to me.

im not sure what else might be helpful, but if anyone has any questions, please dont hesitate to ask.

with BTC rising so well, I can amend what I need to secure the mortgage to 30BTC. Will set 250% of the value in escrow, and can also offer 20% value in crypto to the lender as downpayment straight off. (3  BTC worth of GAYmoney, based on USD $0.40 ((current value $0.57)) would be 21,500 GAYcoins). More than willing to split this up between multiple lenders. The funds paid back on a full funding agreement would equal (again based on a $0.40 USD unit price of GAYmoney, about 65% its current value) 40 BTC (simple 25% interest), but we can negotiate this. Naturally the VALUE in USD would be much different as BTC is likely, by even the most conservative estimate, to hit $10k/unit within 5 years, but thats what speculation and investment risk is all about. Id prefer to payout the mortgage based on USD, but am willing to pay it off in BTC as it provides more security and overall value to the lender.

The house itself: the offer accepted was for 112,000 CAD ($72,800 USD or 25.4 BTC) and has an assessed value of 135,000 CAD ($87,500 USD or 30.6 BTC) and is a century old Grand Victorian. A detailed home inspection has been done, and while there are repairs, none of these would cost more than $3500 USD, and none are affecting the structure or stability of the house. The worst to be done is the back porch, added in the 1950s, was built on top of railway ties, and has been pulling away from the house. This is a 2-day job to fix. Roof, plumbing, electrical, etc all less than 10 years old.

The valuation of GAYmoney will increase, as will BTC, and we can arrange to cover the payment as the value in BTC as opposed to the purchase price in USD, and am willing to set a minimum threshold required for monthly payments in BTC. Even if the price of GAYmoney plummeted, I have significant reserves to cover any shortfalls. Willing to entertain sale of GAYmoney or escrow of a decent amount towards even 3 BTC as the downpayment so that I could cover the mortgage via traditional means (although Id hate to have to sign on for 25 years of debt thru them.)

Bump.

Don't know the user. But if everything match, honestly this here is a oportunity from someone at the community really prove that cryptos have real world value as he is using them as collateral.

Related: https://money.stackexchange.com/questions/84034/is-is-possible-to-take-a-mortgage-using-bitcoin-as-collateral

:)

I was thinking how to eat cake and have cake.