BlockFi offers the ability to refinance your loan throughout specific stages of your loan term. The ability to refinance your loan will allow the return of any excess collateral, extending your loan maturity date, reducing your interest rate, and borrowing additional funds within the process.
Refinances are subject to a 2% origination fee, if applicable.
You are eligible for loan refinancing when:
- The loan-to-value percentage is at least 15% lower than the originating rate
- Loans originated at 50% LTV can be refinanced when the current LTV is at 35% or lower
- Loans originated at 35% LTV can be refinanced when the current LTV is at 20% or lower
* Please note that loans originated at 20% LTV can only be refinanced when the payoff balance is $20,000.00 or less and is due for maturity within 60 days
When refinancing any existing loans you may also:
- Apply for additional funds (minimum of $10,000.00 in net new funds)
- Apply for a reduction in your interest rate by transitioning to a lower originating LTV (i.e., refinancing your loan originated at 50% for a new loan at 35%)
- Qualify for any excess collateral to be released during the refinance process
* Please note that going through the refinance process without drawing additional funds is considered a loan extension. Although the terms of the loan may remain unchanged, the maturity date of your loan will be extended for a further year.