Canadian lender APX Lending launches waitlist for Bitcoin-backed mortgages ahead of early 2027 launch

Canadian lender APX Lending launches waitlist for Bitcoin-backed mortgages ahead of early 2027 launch

Canadian lender APX Lending said Wednesday it plans to offer Bitcoin-backed mortgages in early 2027, opening a waitlist for the product. The move would let homebuyers use Bitcoin as collateral without selling it to fund a down payment or a full home purchase.

The Toronto-based company says it will be Canada’s first regulated provider of such mortgages. It has already offered crypto-backed loans, including a bitcoin and ethereum line of credit launched last month.

What the company has said so far

• APX opened a waitlist on Wednesday and expects to begin offering mortgages in the first quarter of 2027.


• Customers could borrow against Bitcoin for a down payment or for the entire purchase price.


• Interest rates, repayment periods, loan-to-value limits, and collateral-liquidation rules have not been announced.


• Existing crypto-backed loans carry annual rates of 9.99% to 11.49%, based on a 60% loan-to-value ratio, but those terms may not apply to the new mortgages.


• APX founder and CEO Andrei Poliakov estimates the Canadian market for Bitcoin-backed real estate financing at $44 million to $73 million.

How much Bitcoin could be needed

Poliakov gave an example using a home costing about $475,000. A buyer could borrow $95,000 for a 20% down payment by pledging $190,000 in Bitcoin. Someone wanting to finance the whole purchase without a cash down payment would need to pledge around $475,000 in Bitcoin, with the property also serving as collateral.

Using the property as additional collateral could lower costs, Poliakov said, though he declined to give an expected mortgage rate.

Market context and risks

Canada’s residential mortgage debt reached $1.75 trillion in June, according to the Canada Mortgage and Housing Corporation. Similar Bitcoin-backed products have appeared in the United States. Miami-based lender Milo said in February it had originated more than $100 million in crypto-backed mortgages, including a single $12 million loan, with repayment terms up to 30 years.

Bitcoin’s price swings are a key risk. APX said a sharp decline could leave borrowers needing to add more collateral or face the sale of pledged Bitcoin. Poliakov estimated that a 40% drop in Bitcoin’s price would push a standalone loan starting at 50% loan-to-value to about 83%. APX says property and crypto collateral will be handled distinctly for a combined mortgage, though it has not disclosed how that assessment works.

What is still unclear

APX has not announced mortgage interest rates, loan-to-value limits, repayment periods, or the conditions under which borrowers could face margin calls or collateral liquidation. It is also unclear how much of the estimated market the product would capture once available.

Sources

• CoinDesk


• APX Lending Bitcoin-backed mortgages waitlist


• APX Lending crypto-backed loan rates page


• Canada Mortgage and Housing Corporation residential mortgage report