DEFI is about trusting the code while offchain interactions typically require through human intervention.
There is also a securities regulation angle, which comes into play if you fractionalize the real world asset and distribute the fractions. Tokens or no tokens, securities law is agnostic in regards to the technology being used.
Of course, more questions follow:
How do you value the various assets?
What happens in the event of a default?
How is enforcement handled?