Grant Cardone Says He Never Tells Fannie Mae About The Bitcoin In His Real Estate Deals: ‘It’s Just Too Much’

Cardone Capital founder Grant Cardone said he keeps Bitcoin (BTC) out of his Grant Cardone, the founder of Cardone Capital, said he keeps Bitcoin (BTC) out of loan conversations with Fannie Mae (FNMA), despite the fact that his firm connects the cryptocurrency with the apartment buildings it finances.Cardone made the statements at the Bitcoin Treasuries Conference in New York during a panel discussion, published on Sunday.Cardone said his firm is working on $600 million of deals that will carry about $350 million of debt. He said, “I never tell Fannie Mae I’m putting Bitcoin on it,” and added that he never mentions Bitcoin to the lender “because it’s just too much.”He predicted that lenders would come to regret it. Cardone stated that when Bitcoin reaches $400,000 or $500,000 in five years, “they’re going to wish they gave me a loan on that Bitcoin, not on the real estate.”Cardone Wants Bitcoin To Replace Private Mortgage InsuranceCardone also targeted private mortgage insurance, which people pay if they put down less than 20%. He said it doesn't help homeowners. He said that whoever replaces it with a Bitcoin-based product would make a deal where “everybody’s a winner.”Cardone said he has brought about 3,000 people into Bitcoin over the past 18 months by pitching real estate first. “I never talk about Bitcoin. I talk about the real estate,” he said. Cardone has he puts Bitcoin on the balance sheet of every building he buys. was trading around $83,330, up 0.4% over the past 24 hours. On Stocktwits, retail sentiment around BTC remained in the ‘bearish’ zone, accompanied by ‘low’ chatter levels over the past day.Mortgage Giant Warms To CryptoThe comments follow Fannie Mae opening the door to crypto in home loans. Coinbase (COIN) and Better Home & Finance (BETR) developed a product in August this year that allows borrowers to pledge Bitcoin to help finance the down payment on a Fannie Mae-backed mortgage, the companies said. Better requires the pledged Bitcoin to be worth 250% of the down payment loan amount.On the same panel, Anthony Bassili, president of Coinbase Asset Management, said the product has “thousands of applications” in the pipeline. Lenders are comfortable with Bitcoin because it is liquid and can be sold if a borrower defaults, he said. “We’re very happy to take ownership of it if they end up defaulting on their loan,” Bassili said.Better claimed 41% of its pre-approved customers qualify on income and credit but don’t have the cash for a down payment.COIN stock closed up over 4% on Friday. On Stocktwits, retail sentiment around COIN improved to ‘bullish’ from the ‘bearish’ zone over the past day. Chatter around it dropped to ‘low’ from ‘normal’ levels over the past day.