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 stated origination prices are $1,000 on his firm’s blockchain platform, in comparison with $11,000 by the GSEs (federally chartered corporations that purchase mortgages from U.S. lenders).
Pitch combines value and velocity. In response to this determine, HELOC functions are permitted in 5 minutes and financing is accomplished in 3 days, in comparison with the trade commonplace of 30 to 45 days.
The platform additionally offers originators with a assured purchaser for the loans they make. This is similar function that Fannie and Freddie play within the conventional system.
Cagney stated the primary lien market is 25 instances bigger than Determine’s current second lien HELOC enterprise and operates by 308 companion originators.
Cagney stated the sub-$300,000 section is being focused as a result of the payment buildings that help smaller GSE channel loans don’t work at Fannie and Freddie value ranges.
Cagney additionally stated 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 heart of the struggle 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 property aren’t meaningfully represented on the corporate’s affiliated chain, Provenance.
He recorded roughly $5 million in BTC and $4 million in ETH on Determine’s alternate, 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 replicate a shift away from steadiness 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 subsequent one to 2 years.
Gross sales had 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 stated 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.
