Determine Know-how Options (FIGR), a blockchain firm led by former SoFi CEO Mike Cagney, plans to amass first-lien mortgages from Fannie Mae and Freddie Mac.
Talking at Consensus Miami, Cagney mentioned origination prices are $1,000 on his firm’s blockchain platform, in comparison with $11,000 via the GSEs (federally chartered firms that purchase mortgages from U.S. lenders).
Pitch combines price and velocity. In accordance with this determine, HELOC purposes are accepted in 5 minutes and financing is accomplished in 3 days, in comparison with the business normal of 30 to 45 days.
The platform additionally gives originators with a assured purchaser for the loans they make. This is similar position that Fannie and Freddie play within the conventional system.
Cagney mentioned the primary lien market is 25 occasions bigger than Determine’s current second lien HELOC enterprise and operates via 308 companion originators.
Cagney mentioned the sub-$300,000 phase is being focused as a result of the charge constructions that assist smaller GSE channel loans don’t work at Fannie and Freddie price ranges.
Cagney additionally mentioned that Determine’s HELOC token is the ninth largest crypto asset on the general public blockchain by market capitalization, having been overtaken about six weeks in the past.
This quantity is on the middle of the combat over what is taken into account on-chain. DeFiLlama founder 0xngmi claimed in a September article that Determine’s claimed $12 billion in tokenized real-world belongings are usually not meaningfully represented on the corporate’s affiliated chain, Provenance.
He recorded roughly $5 million in BTC and $4 million in ETH on Determine’s change, in addition to $20 million in provide for the YLDS stablecoin. DeFiLlama tracks Determine’s TVL at round $140 million, however refuses to rely extra.
Past this dialogue, margins mirror a shift away from stability sheet financing. This quantity’s adjusted EBITDA margin rose from 30% to 55% in 2025 as the corporate pivoted to a market mannequin. Mr. Cagney guided it to 80-85% over the following one to 2 years.
Gross sales have been $339 million in 2024 and $510 million in 2025, with sell-side expectations for 2026 of $650 million to $680 million. This determine marks the primary time in March that month-to-month originations exceeded $1 billion.
Cagney additionally mentioned that Determine is in talks with ConsenSys’ MetaMask to combine Democraticized Prime, the corporate’s DeFi protocol for on-chain mortgage and auto collateral lending.
He additionally introduced Determine’s second itemizing on OPEN, a blockchain-native fairness venue. The preliminary itemizing was for FIGR inventory and a secondary providing of $150 million.
