Updated over 3 years ago on . Most recent reply
Underwriter requiring documentation I can't provide
Hi all, first post :) So I'm in the process of purchasing a new
home. To fund my down payment, I took out a loan against my crypto. I
used a company called Celsius, and they lock away some amount of my
crypto assets as collateral, and give me cash. I guess this is like a balloon
loan, where I only pay interest monthly and pay the entire principal at
the end.
Not surprisingly, the underwriter is asking all kinds
of questions about the source of this money. I think they understand
that there's no risk of defaulting (400% of the loan is locked as
collateral). But they're looking for a statement that shows how much I
pay on this loan monthly. My problem is that this is an app, not a bank. There are no 'statements'. I've given them every screenshot I possibly can but they keep pushing back. This screenshot alone should be super clear the payment schedule. For the underwriters out there, is this really not enough proof? What is so 'official' about a statement?
