Pre-Refinance Checklist: Appraisals and Eligibility
This article outlines the requirements to begin your journey with Peoples Reserve. Whether you are applying for a Self-Repaying Mortgage (SRM) or a Bitcoin Mortgage (BMR), the "Sell-to-TruFi" transition requires specific property eligibility and a verified "Proof of Reserves" (PoR) to issue your pre-approval letter.
Table of Contents
- Unified Proof of Reserves (PoR) Process
- Property & Loan Eligibility
- Documentation & Verification Table
- The Appraisal & D.R.E.A.M. Agent Step
- Final "Ready to Start" Checklist
Unified Proof of Reserves (PoR) Process
The first step for both SRM and BMR applicants is verifying your Bitcoin holdings. Your assets act as your financial passport, allowing us to move forward without the invasive "paper-trail" interrogation of traditional banks.
Verification Options (Choose One):
- Option A: External Verification (Hoseki): Connect your external cold storage (Ledger, Trezor, etc.) to Hoseki. This generates a "Proof of Reserves" attestation that proves you own the necessary Bitcoin without moving your funds or revealing your public address.
- Option B: Direct Platform Deposit: Deposit your Bitcoin directly into your secure Peoples Reserve account. Our internal systems will automatically perform the PoR check, streamlining your path to pre-approval.
Minimum Reserve Requirements:
- For SRM: You must verify Bitcoin, Gold, or Silver equal to 100% of the property value.
- For BMR: You must verify Bitcoin equal to at least 20% of the property value.
Property & Loan Eligibility
The "Sell-to-TruFi" model is a cash-purchase transaction. Therefore, your property must meet these institutional standards:
- Property Type: Single-family residential homes in the U.S. only. (No land-only or commercial properties).
- Ownership: Properties held in an LLC are eligible (requires KYB/Business account).
- Position: Full refinancing only; we do not offer second-position loans or HELOCs.
- Condition: Construction must be 100% complete before refinancing into our ecosystem.
Documentation & Verification Table
| Requirement | Document/Tool | Product Applicability | Purpose |
|---|---|---|---|
| Identity | Gov-Issued ID | SRM & BMR | Standard KYC/AML verification. |
| Bitcoin Proof | Hoseki OR Deposit | SRM & BMR | Verifies 100% (SRM) or 20% (BMR) reserves. |
| Existing Debt | Mortgage Statement | SRM & BMR | Provides the cash payoff amount for your current bank. |
| Income/Credit | W2s / Credit Report | BMR ONLY | Required for under-collateralized (20%) loans. |
| Business Docs | KYB Filings | SRM & BMR | Only if the property is held in an LLC/Corporation. |
The Appraisal & D.R.E.A.M. Agent Step
Once your Proof of Reserves (PoR) is confirmed—either via Hoseki or Direct Deposit—the following occurs:
- Agent Assignment: You are paired with a certified D.R.E.A.M. Realtor who represents TruFi in the cash purchase of your home.
- Due Diligence: A professional appraisal and inspection are performed to confirm the Fair Market Value.
- Closing Costs: Standard costs (approx. 5%) are calculated; these can be paid at closing or financed into your contract.
Final "Ready to Start" Checklist
- KYC: Complete identity verification on the Peoples Reserve platform.
- Verify Assets: Use Hoseki or Direct Deposit to prove your 20% (BMR) or 100% (SRM) reserves.
- Property Info: Have your latest mortgage statement and HOA details ready.
- OPTIONAL: PRN Check: Ensure you hold PRN tokens equal to 10% of the loan value to secure the 3% Diamond Tier interest rate.