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24 product combos · All viable for depositors

Earn 7.5-9.3% Net Yield
on US Real Estate via Morpho Vaults

Your USDC deposit powers asset-based home equity lending. County-recorded liens, tiered escrow, institutional valuations. Three independent risk axes create 24 product combinations — choose your risk-reward.

Start EarningView All 24 Combos
Base L2Morpho Vaults75% Max LTV (w/ FC)0% Performance FeeCounty-Recorded Liens24/24 Viable
Transparent Economics

How Your Yield is Calculated

Every basis point is traceable. Base yield plus risk premium equals what you earn. Riskier borrowers pay more, so you earn more.

Base depositor rate (after protocol costs)7.5%

From 8.0% gross borrower rate minus 0.5% protocol costs. This is the floor yield.

+
Risk premium from borrower rate loading (k=1.25)+0.0% to +1.76%

Riskier borrowers pay higher rates. 25% of their expected loss flows to depositors as additional yield. EL = PD x LGD from the 3-axis model.

Net yield (what you earn)7.50% - 9.26%
Std+BR3+FC (7.50%)Standard (9.26%)

Net Yield = 7.5% + 0.25 × EL where EL = PD × LGD

Borrower Rate = 8.0% + 1.25 × EL

Positions are designed to be self-sustaining. At Florida’s historical 3–5% annual appreciation, borrower equity grows faster than the ~4% Morpho interest rate, reducing default risk over time. This natural deleveraging effect means actual defaults are likely lower than what static PD models project.

The Model

Three Axes, 24 Combinations

Each product is the intersection of three independent risk dimensions. Stack protections to reduce expected loss — or accept more risk for higher capital efficiency.

Credit Verification

Controls PD

VerifiedPD 2.5%
PrimePD 4.0%
StandardPD 5.1-17%

Full underwriting (Verified) vs soft pull (Prime) vs asset-only (Standard). More verification = lower probability of default.

Loan Terms

Controls PD + LTV

BR12 (12 months)LTV 62.5%
BR6 (6 months)LTV 55%
BR3 (3 months)LTV 45%
NoneLTV 62.5%

Escrowed mortgage payments auto-pay the senior lien for 3-12 months. Shorter escrow = lower LTV for safety. Reduces effective PD.

Axis 3: Recovery

Controls LGD

With ForeclosureLGD 0-25.6%
Without ForeclosureLGD 18.6-41.4%

Foreclosure right (FC) lets us initiate enforcement independently. This dramatically reduces loss-given-default. At low LTV + FC, LGD drops to 0% -- the counter-intuitive key to the model.

Key insight: Higher LTV + foreclosure right = LESS risk, not more. The foreclosure right reduces LGD far more than the higher LTV increases it.

Top Combinations

Featured Vault Products

The highest-yielding and most notable combinations from the 24-product matrix. Net yield after expected losses and protocol costs.

Standard (no mitigation)

Highest Yield
9.26%
Net Yield

Maximum depositor return. Asset-based borrowers pay 16.8% APR -- the full risk premium passes to depositors. No credit check, no escrow, no foreclosure right.

LTV
62.5%
PD
17%
LGD
41.4%
EL
7.038%

Standard + BR6

High Yield
8.21%
Net Yield

No credit check + 6-month escrow. Borrowers pay 11.5% APR. Strong risk premium with some escrow protection.

LTV
55%
PD
8.5%
LGD
33.4%
EL
2.839%

Prime

Strong
7.91%
Net Yield

Soft credit pull only. Higher PD than Verified drives a stronger risk premium for depositors. Above most RWA protocols.

LTV
62.5%
PD
4%
LGD
41.4%
EL
1.656%

Verified

Balanced
7.76%
Net Yield

Full underwriting, standard LTV, no escrow, no foreclosure. Institutional-familiar risk profile with moderate risk premium.

LTV
62.5%
PD
2.5%
LGD
41.4%
EL
1.035%

Standard + BR12 + FC

Low Risk
7.57%
Net Yield

No credit check needed. Foreclosure right drops LGD from 41.4% to 5.2%. Full escrow coverage handles PD risk.

LTV
75%
PD
5.1%
LGD
5.2%
EL
0.265%

Verified + BR12 + FC

Ultra-Low EL
7.55%
Net Yield

Full underwriting drops PD to 0.75%. 12-month escrow + foreclosure right. Near-zero expected loss, near-floor yield.

LTV
75%
PD
0.75%
LGD
25.6%
EL
0.192%

Prime + BR12 + FC

Conservative
7.56%
Net Yield

Soft credit pull + full escrow + foreclosure recovery. Very low EL but yield stays near the 7.5% floor.

LTV
70%
PD
1.2%
LGD
20.3%
EL
0.243%

Standard + BR3 + FC

Floor Yield
7.50%
Net Yield

Zero expected loss -- foreclosure right eliminates LGD entirely at 55% LTV. The 7.50% floor: safest combo, lowest yield.

LTV
55%
PD
11.05%
LGD
0%
EL
0.000%
Complete Data

All 24 Product Combinations

Sort by any column. Filter by axis. Every combination from the actuarial model, calibrated from MBA delinquency data and Case-Shiller indices.

Filters:
Showing 24 of 24
#1

Standard

9.26%
LTV
62.5%
PD
17.0%
LGD
41.4%
EL
7.038%
High Borrower Rate
#2

Standard + BR6

8.21%
LTV
55%
PD
8.5%
LGD
33.4%
EL
2.839%
Viable
#3

Standard + BR12

8.03%
LTV
62.5%
PD
5.1%
LGD
41.4%
EL
2.111%
Viable
#4

Standard + BR3

8.01%
LTV
45%
PD
11.1%
LGD
18.6%
EL
2.055%
Viable
#5

Prime

7.91%
LTV
62.5%
PD
4.0%
LGD
41.4%
EL
1.656%
Viable
#6

Verified

7.76%
LTV
62.5%
PD
2.5%
LGD
41.4%
EL
1.035%
Viable
#7

Standard + FC

7.72%
LTV
75%
PD
17.0%
LGD
5.2%
EL
0.884%
Viable
#8

Prime + FC

7.70%
LTV
70%
PD
4.0%
LGD
20.3%
EL
0.812%
Viable
#9

Prime + BR6

7.67%
LTV
55%
PD
2.0%
LGD
33.4%
EL
0.668%
Viable
#10

Verified + FC

7.66%
LTV
75%
PD
2.5%
LGD
25.6%
EL
0.640%
Viable
#11

Prime + BR3 + FC

7.64%
LTV
70%
PD
2.8%
LGD
20.3%
EL
0.568%
Viable
#12

Prime + BR3

7.63%
LTV
45%
PD
2.8%
LGD
18.6%
EL
0.521%
Viable
#13

Prime + BR12

7.62%
LTV
62.5%
PD
1.2%
LGD
41.4%
EL
0.497%
Viable
#14

Verified + BR3 + FC

7.61%
LTV
75%
PD
1.8%
LGD
25.6%
EL
0.448%
Viable
#15

Standard + BR6 + FC

7.61%
LTV
65%
PD
8.5%
LGD
5.2%
EL
0.442%
Viable
#16

Verified + BR6

7.60%
LTV
55%
PD
1.3%
LGD
33.4%
EL
0.418%
Viable
#17

Prime + BR6 + FC

7.60%
LTV
70%
PD
2.0%
LGD
20.3%
EL
0.406%
Viable
#18

Verified + BR3

7.58%
LTV
45%
PD
1.8%
LGD
18.6%
EL
0.326%
Viable
#19

Verified + BR6 + FC

7.58%
LTV
75%
PD
1.3%
LGD
25.6%
EL
0.320%
Viable
#20

Verified + BR12

7.58%
LTV
62.5%
PD
0.8%
LGD
41.4%
EL
0.310%
Viable
#21

Standard + BR12 + FC

7.57%
LTV
75%
PD
5.1%
LGD
5.2%
EL
0.265%
Viable
#22

Prime + BR12 + FC

7.56%
LTV
70%
PD
1.2%
LGD
20.3%
EL
0.243%
Viable
#23

Verified + BR12 + FC

7.55%
LTV
75%
PD
0.8%
LGD
25.6%
EL
0.192%
Viable
#24

Standard + BR3 + FC

7.50%
LTV
55%
PD
11.1%
LGD
0.0%
EL
0.000%
Viable
24
Viable Combos
9.26%
Best Net Yield
0.000%
Lowest EL
16.8%
Max Borrower Rate
Market Position

vs. Other RWA Protocols

Better risk-adjusted returns than most RWA protocols. Real estate collateral with DeFi liquidity. No lock-ups, no minimums.

UnblockEquity7.5-9.3%
Collateral: US Real Estate LiensLiquidity: Instant (Morpho)
Centrifuge~4.5%
Collateral: Trade Receivables / RELiquidity: Epoch-based
Midas T-Bills~5.2%
Collateral: US TreasuriesLiquidity: T+1 Redemption
Ondo Finance~5.3%
Collateral: US TreasuriesLiquidity: T+1 Redemption
Maple Finance~8.5%
Collateral: Overcollateralized CryptoLiquidity: Token-based
Goldfinch~10%
Collateral: Private Credit (EM)Liquidity: Locked 90d+

Why we compare favorably: T-Bill protocols (Midas, Ondo) offer sovereign risk but lower yield. Private credit (Goldfinch, Maple) offers higher yield but with lock-ups and opaque risk. UnblockEquity offers real-estate-backed yield with instant liquidity, actuarial-modeled expected losses, and on-chain verifiability. The 3-axis model lets depositors choose their exact risk profile.

Due Diligence

Risk Framework

Four pillars that make this collateral different from every other DeFi lending market.

Collateral

County-recorded junior liens on US residential property. Same legal structure as Point, Hometap, and Unlock -- companies with $3B+ deployed. Every lien is recorded with the county clerk and appears on title searches.

Oracle

ATTOM AVM provides property valuations updated monthly across 155M+ US properties. The same data used by banks, insurance companies, and government agencies. Oracle contract deployed and verified on BaseScan.

Overcollateralization

LTV ranges from 45% (BR3) to 75% (with foreclosure right). Without foreclosure, max is 62.5%. At 62.5% LLTV, a property must lose 37.5% of its value before any loss exposure -- an event with no historical precedent for diversified US residential.

Recovery Enforcement

Default triggers lien enforcement via a licensed title company. Products with foreclosure right (FC) allow independent enforcement, controlling timeline and recovery. Average recovery on FL residential: 85-95%. Escrow tiers auto-pay the senior mortgage during recovery.

Infrastructure

Built for Institutional Capital

Delaware C-Corp
Unblock Equity, Inc.
FL Title Company Escrow
Licensed & insured
ATTOM AVM Oracle
155M+ US properties
Audited DeFi Protocol
Battle-tested infrastructure
Base L2 by Coinbase
Sub-cent gas fees
County-Recorded Liens
Enforceable legal instruments

Ready to Deposit?

Supply USDC to earn real estate-backed yield. No minimum, no lock-up. Choose from 24 viable product combos.

Deposit USDC

Curator Playbook

Full actuarial model, vault parameters, and risk methodology documentation.

View Curator Playbook

Talk to Our Team

Questions about the 3-axis model, vault parameters, or institutional deposits.

capital@unblockequity.com
Depositor FAQ

Frequently Asked

Everything a depositor needs to know before supplying capital.

Every vault product is a combination of three independent risk controls. Verification (Verified/Prime/Standard) determines borrower PD. Breathing Room (BR3/BR6/BR12/None) determines escrow protection. Recovery (with or without foreclosure right) determines LGD. These 3 axes create 24 possible combinations, all viable for depositors. Riskier combos earn higher yield because borrowers pay risk-loaded rates.

Without foreclosure right, if the borrower defaults and the senior lender forecloses, our junior lien recovery depends on surplus sale proceeds after the senior mortgage is satisfied. With foreclosure right, we can initiate our own enforcement process, controlling the timeline and recovery. This drops LGD from 41.4% to as low as 0% (when combined with low LTV). Higher LTV + foreclosure = LESS risk, not more -- counter-intuitive but actuarially sound.

Net depositor yield ranges from 7.50% to 9.26%. The base rate is 7.5% (floor). Riskier combos earn MORE because borrowers pay a risk-loaded rate (k=1.25). The highest-yield combo is Standard lien-only (9.26%) where borrowers pay 16.8% APR. Even the safest combo (Standard+BR3+FC) yields 7.50%. Yields are variable and depend on vault utilization.

ATTOM AVM (Automated Valuation Model) covers 155M+ US properties with monthly updates. The same valuation data used by institutional lenders, insurance companies, and government agencies. ATTOM data feeds into our Chainlink oracle contract on Base, making the valuation verifiable on-chain.

Three layers activate in sequence. First, the Breathing Room escrow auto-pays the senior mortgage for 3-12 months (depending on tier), keeping the lien position intact. Second, overcollateralization at 37.5-55% provides an equity buffer. Third, the county-recorded junior lien is enforceable in court, with optional foreclosure right for enhanced recovery. Average recovery on FL residential: 85-95%.

Very unlikely for reasonable borrow amounts. Borrowers choose their own borrow amount via a slider -- they are not forced to max out. The breakeven HPI formula is simple: breakevenHPI = (borrowAmount x interestRate) / propertyValue. For most realistic combinations, this breakeven is under 1-2%, well below Florida's historical 3-5% annual appreciation. That means the home's value growth covers the interest automatically, so positions improve over time without any borrower action.

No. DeFi lending vaults are liquid -- withdraw anytime subject to available liquidity. If 100% of the vault is lent out, you wait for repayments or new deposits. In practice, utilization rarely hits 100% because interest rates increase with utilization, discouraging over-borrowing.

Because EL is zero -- and yield increases WITH risk. When LGD is 0%, there is no risk premium to earn. The depositor still gets the 7.50% base rate, but no risk loading bonus. The highest yield goes to Standard lien-only (no mitigation) at 9.26%, where borrowers pay the maximum risk-loaded rate of 16.8%. Higher risk = higher return is how all credit markets work.

Vaults are on Base L2 (Coinbase). You need USDC on Base. If your USDC is on another chain, bridge it using Coinbase, the official Base Bridge, or any cross-chain bridge that supports USDC. Coinbase users can buy USDC directly on Base with no bridging required.

Depositing requires a Web3 wallet (Coinbase Wallet, MetaMask, or any WalletConnect-compatible wallet) with USDC on Base. Yields are variable and not guaranteed. Past performance does not indicate future results. Tokenized lien collateral involves real estate risk including potential property value decline and extended recovery timelines. Expected loss figures are derived from actuarial modeling and may differ from actual outcomes. This is not investment advice. Do your own research.