LOS ANGELES--(BUSINESS WIRE)--Hankey Group announces the launch of a pioneering Bitcoin Crypto Lending Program aimed at providing real estate and highline vehicle buyers with new financial opportunities using Bitcoin.
The Crypto Finance Program lets crypto holders use their Bitcoin as collateral to access full financing for real estate or exotic vehicles, eliminating the need for large cash down payments.
“On a standard real estate transaction, we typically require the buyer to provide 20% of the purchase price in cash and we would finance the remaining 80%. Through our new Crypto Finance program, we would provide the full financing,” says Don Hankey, Chairman of Hankey Group.
An additional benefit of the lending program is that borrowers are not forced to sell Bitcoin and potentially trigger capital gains taxes. Instead, their cryptocurrency serves as collateral to secure up to 100% financing. Key benefits include retaining ownership of Bitcoin to share in its potential future appreciation, diversifying investments, and maintaining liquidity while securing financing for large purchases.
“As digital assets become a more permanent fixture in our financial system, we’re excited to offer innovative capital solutions to our borrowers,” says Kelechi Ogbunamiri, CIO of Hankey Group. The Bitcoin Crypto Lending Program is now available for those interested in using their crypto holdings for real estate and auto loans.
For more details regarding the program, you can access a podcast between Kelechi Ogbunamiri, Chief Investment Officer of the Hankey Group, and Winston & Strawn who represented the Hankey Group in setting up the legal structure and documentation for the program.
Link to Podcast: “Let’s Talk Digital Assets”
About Westlake Technology Holdings: Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $24 billion in assets under management. Westlake Financial (“Westlake”) originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and power sports dealers. Westlake also offers credit facilities and commercial real estate loans through Westlake Capital Finance (WCF); portfolio servicing through Westlake Portfolio Management (WPM); floor plan lines of credit are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; shared cash flow auto lending through Westlake’s wholly-owned subsidiary, Western Funding Inc., a Nevada based auto lender; indirect automotive leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer installment loans are offered through Westlake’s wholly-owned subsidiary LoanCenter, www.loancenter.com; and commercial real estate lending is offered through Westlake Capital Finance.
About Hankey Capital: Hankey Capital is a private direct lender originating bridge financing in the $5 million to $300+ million-dollar range secured by real estate located in California. We specialize in time-sensitive and value-added deals underserved by banks and other traditional capital sources. In addition, Hankey Capital offers structured finance solutions (including Debtor in Possession financing), totaling over $500 million in recent deals. Currently, Hankey Capital has over $1.5 billion in loans on its balance sheet. For more information about Hankey Capital visit: www.hankeycapital.com
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