APX Targets First-Quarter 2027 Launch for Canadian Bitcoin Mortgages

APX Lending opened a Canadian mortgage waitlist Wednesday, Oct. 28, for loans backed by Bitcoin (BTC), targeting a first-quarter 2027 launch for financing a down payment or a full home purchase.

APX founder and CEO Andrei Poliakov said borrowers could pledge Bitcoin toward a down payment or borrow against it to finance the entire purchase. The company has not disclosed the mortgage’s interest rate, repayment period, maximum loan-to-value (LTV) ratio, borrower eligibility or rules for margin calls, collateral liquidation and defaults. Those terms will determine how borrowers would respond if Bitcoin’s price falls.

APX’s existing crypto-backed loans allow borrowing at 20% to 60% LTV. Under those terms, partial liquidation starts at 90% LTV and sells enough collateral to bring the ratio down to 85%. That five-percentage-point reduction applies to current loans; APX has not set a mortgage trigger or target. LTV compares a loan balance with the value of its collateral, so the ratio can rise when collateral loses value while the debt remains unchanged.

Poliakov described a separate Bitcoin-backed loan that starts at 50% LTV. A 40% decline in Bitcoin’s price would raise that loan’s LTV to about 83%, he said. The example does not establish a threshold for the planned mortgages. “Selling bitcoin collateral and enforcing a mortgage against a home are distinct actions,” Poliakov said. Poliakov said the mortgage would have its own collateral and default terms, with any consequence for the home determined by the loan agreement.

Ledn announced a Bitcoin-backed mortgage pilot on Dec. 15, 2021, proposing to use both Bitcoin and property as collateral. The company targeted broader availability in Canada and the United States in early 2022. Its plan was described as a pilot.

Better and Coinbase were involved in a separate U.S. Bitcoin-mortgage development in August. APX is accepting registrations for its Canadian product ahead of its first-quarter 2027 target.