Westlake unveils new Bitcoin software to handle large down payments for exotic vehicles

The Hankey Group, through its subsidiaries Hankey Capital, Westlake Financial, and Midway, announced the launch of a crypto-bitcoin lending program that aims to provide buyers of real estate and luxury vehicles with new financial opportunities using Bitcoin.

According to a press release, the cryptocurrency financing program allows cryptocurrency holders to use their Bitcoin as collateral to access full financing for real estate or exotic vehicles, eliminating the need for large cash payments.

“In standard real estate transactions, we typically ask the buyer to provide 20% of the purchase price in cash and we will finance the remaining 80%. With our new cryptocurrency financing program, we will provide full financing,” Don Hanke, Chairman of the Hanke Group, said in a press release. “.

The company highlighted an additional benefit of the lending program that borrowers do not have to sell Bitcoin and potentially incur capital gains taxes. Instead, their cryptocurrency acts as collateral to secure up to 100% funding.

Hanke went on to list other key benefits that include retaining ownership of Bitcoin to participate in its potential future value 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 are excited to offer innovative capital solutions to our borrowers,” said Kelechi Ogbonnamere, Chief Investment Officer at Hanke Group.

The Bitcoin Crypto Lending Program is now available for those wishing to use their cryptocurrency holdings to finance real estate and cars.

For more details, you can listen To this podcast It includes Ogbunamiri and Winston & Strawn, who represented the Hankey Group in preparing the legal structure and documentation for the program.