I Closed A $4m Crypto Asset Depletion Loan

This month, we secured underwriting approval on one of the most unique loans I’ve ever worked on: a $4 million non-QM mortgage using crypto asset depletion to qualify. The borrower? A first-time homebuyer buying an $8 million home.

But this deal didn’t start with a win.

One of the nation’s biggest banks denied him a few months back, when he started his pre-approval.
Then another lender strung him along once he went under contract, burned through 2.5 weeks of his financing contingency, and ultimately told him they couldn’t close.
By the time he came to us, the clock was ticking.
Here’s how we got it done:

• The borrower holds substantial crypto assets in off-exchange XRP wallets
• No traditional income docs
• No need to liquidate the crypto or move it to an exchange
• Income calculated via asset depletion
• Ownership verified via “Proof of Satoshi” (small test transfers to verify control of the wallets)

This approach gave the underwriter visibility into his holdings without requiring liquidation. And because it’s all on the blockchain, it’s arguably more transparent than a standard brokerage account.

Even from a servicing standpoint, this sets up a new model, where wallet balances can be monitored long after closing to assess financial health in real time.
The crypto industry is here to stay. It’s a financial tool that more and more of our borrowers are actively using, and it’s refreshing to see lenders and regulators beginning to acknowledge that reality.

If you’re a LO, now’s the time to lean in. Study new loan products. Get curious about niches you haven’t explored. Because every time you level up your knowledge, you open the door for someone who thought homeownership wasn’t an option.