Lien Backed NFT - Loansnap

[Eamonn Kerley]

HI, 

New to the forums and looking to own my first investment property in the next couple months. 

One of the avenues to secure some extra cash I am seriously considering is a HELOC type loan offered by Loansap. They offer a "Smart Loan" that is essentially an open ended HELOC with a fixed interest rate, no defined draw period and no defined payback period. You determine the terms that work best and they can fluctuate as you see necessary, but at a minimum interest payments must be made. The other unique part of this HELOC is that the lien is tied to an NFT, this NFT is then used to back their stablecoin (bHome), the stablecoin can then be purchased by anyone (more very interesting investment opportunities here, but not the purpose of this question).

I have been trying to research as much as I possibly can about this process, but i've reached a point that I feel that I need to be a near expert in the mortgage/title industry and the crypto industry to fully understand it. 

The process is the same on the back end from what I can tell, but it's the middle part, NFT, that makes me hesitant. Is there any additional risk with an NFT being created that represent the lien on your house? 

Will I run into issues if I ever want to refinance or sell? 

I was told by the CTO of Loansnap that the NFT cannot be stolen, but i am skeptical of that answer. Does it even matter if the NFT is stolen? It only contains the address, photo of the property, location, and lien amount. The lien is after all recorded at the county 

Has anyone else looked into this company and have thoughts/concerns about the process? 

I am leaving out a lot of details regarding the entire loan process, but if you are interested the whitepaper is here: https://files.baconcoin.financ...