Ledn Bitcoin mortgage review 2026: buy real estate using BTC as collateral without selling. Rates ~8-10% APR, available in U.S., Canada, and Latin America.
Ledn is best known as a Bitcoin lending platform, but in 2026 the company has expanded into Bitcoin-backed mortgages — letting Bitcoin holders buy real estate using their BTC as collateral without selling it. Here's a complete review of Ledn's mortgage product, how it works, who qualifies, and how it compares to Milo and other Bitcoin mortgage lenders.
Ledn's mortgage product is a Bitcoin-collateralized home loan. Instead of liquidating your BTC to make a down payment, you pledge Bitcoin as collateral. Ledn lends you USD to purchase real estate, and your BTC remains in custody — ideally appreciating alongside the property.
This solves the core tax problem for long-term Bitcoin holders: selling BTC to buy a house triggers capital gains tax. With a Bitcoin-backed mortgage, you defer that taxable event indefinitely while accessing real estate.
| Feature | Details |
|---|---|
| Loan-to-value (property) | Up to 70% of property value |
| Bitcoin collateral requirement | Typically 1:1 to 2:1 BTC-to-loan ratio |
| Interest rates | Starting ~8-10% APR (rate-dependent on BTC collateral) |
| Loan terms | 12-36 months (bridge/term) |
| Property types | Residential, investment properties |
| Availability | U.S. (select states), Canada, Latin America |
| Minimum loan | $100,000 |
| Bitcoin custody | Ledn institutional custody |
Rates and terms change frequently — verify current offers directly with Ledn.
Ledn evaluates how much BTC you hold to determine the mortgage size. A rough formula: for every $1 you want to borrow, you need $1.50–$2.00 in BTC collateral value. This over-collateralization protects the lender if Bitcoin drops.
Example:
You still need BTC that exceeds or equals the loan value — this is not a no-collateral product. The advantage is keeping your BTC rather than selling it.
The property itself is evaluated separately:
Ledn acts as the mortgage lender of record in qualifying states.
You transfer the required Bitcoin to Ledn's institutional custody. Ledn holds the BTC for the loan duration. Your BTC cannot be sold or moved without your approval — Ledn's custody model is designed so that routine staff cannot access collateral without multi-party authorization.
Once BTC collateral is confirmed and underwriting is complete, Ledn funds the purchase. The process timeline is similar to a standard mortgage: 30-60 days from application to close.
During the loan term:
This is the feature that separates Bitcoin mortgages from conventional mortgages — and it's the most important thing to understand.
Scenario: Bitcoin drops 40% after you close
Ledn will contact you to either:
The practical rule: If you take a Bitcoin-backed mortgage, your BTC stack needs to be large enough that a 50%+ Bitcoin correction won't push your collateral LTV into margin call territory. Don't use 100% of your BTC as collateral.
Milo is the most recognized U.S. Bitcoin mortgage lender. How does Ledn compare?
| Feature | Ledn | Milo |
|---|---|---|
| Property LTV | Up to 70% | Up to 100% (select programs) |
| BTC collateral model | Over-collateralized | BTC + property dual collateral |
| Interest rates | ~8-10% | ~8-12% |
| Loan term | 12-36 months | 30-year available |
| Geographic focus | U.S., Canada, LatAm | U.S. |
| Minimum loan | $100,000 | $75,000 |
| Direct lender | Yes | Yes |
Milo differentiates with longer terms (30-year mortgages vs. Ledn's bridge-style shorter terms) and in some programs doesn't require a traditional down payment. Ledn competes on its established reputation from the lending side and its multi-country availability.
For a 30-year conventional-style Bitcoin mortgage, Milo currently has more flexibility. For Canadian and Latin American borrowers, Ledn is often the only Bitcoin mortgage option available.
Figure offers a Bitcoin-backed Home Equity Line of Credit (HELOC) — useful if you already own property and want to borrow against both your equity and your BTC. Different use case:
The core tax advantage of any Bitcoin-backed mortgage: no taxable event when you pledge BTC as collateral. You're not selling — you're borrowing against it. The Bitcoin gains remain unrealized.
However:
Good fit for:
Avoid if:
Ledn's Bitcoin mortgage is a legitimate product from a reputable lender with a proven track record in Bitcoin-backed loans. For Canadians and Latin Americans especially, Ledn is often the best or only option. For U.S. borrowers, Milo offers more program flexibility but Ledn's institutional reputation is a differentiator.
Rating: 4/5 — Strong product for the right borrower profile. The shorter loan terms and margin call structure require careful planning.
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