How do I refinance my loan?

You can refinance your loan if your LTV drops <35% for loans originated at 50% LTV (<20% for loans originated at 35% LTV). Additionally, the net new funding amount must be >$10K.

You may want to refinance in the following scenarios:

1. You want more time to pay off your loan: 
   1. By refinancing your loan, you can extend the maturity a new 12 months and move your loan’s payoff date back in time.
2. You want to draw more cash because the value of your crypto has increased:
   1. If crypto prices are higher than when you first took out your loan, you can refinance your loan to access more USD. The amount of crypto you have posted with BlockFi will stay the same, and you will receive more USD for the value of crypto posted.
   2. For example, if you took out a $10,000, 50% LTV loan when the price of BTC was $6,000 and the price of BTC doubled to $12,000, you would be able to double the size of your loan to $20,000. In this instance, $10,000 would be used to pay off your old loan (including any fees and interest owed) and the remaining $10,000 would be funded directly to you.
3. You want to release some of your crypto because the value of your crypto has increased:
   
   1. If your LTV is below 20% we can send any excess crypto back to you with no refinancing needed. We can release enough crypto to move your loan up to a 30% LTV with no new loan documents needed.
   2. Your excess collateral will be transferred back into your BlockFi Interest Account to earn interest.
      - Note this does not apply to loans that originated at a 20% LTV, which are not eligible for excess collateral release.

Below are the steps to refinance:

1. Refinancing: 
   
   1. Process - Submit a new loan application totaling your existing loan(s) payoff amount(s) plus any additional funds you desire. Make sure the required collateral does not exceed the existing collateral in your outstanding loan. Once signed, please submit a Support Ticket HERE and let us know that you would like to refinance and have submitted the new loan application.

To learn more about refinancing your loan, read this article.