New program lets homeowners tap on their equity to buy a new one
Online real estate company EasyKnock has announced completing a Series A financing round that has raised $215 million for the launch of a new homeownership program.
EasyKnock said its new MoveAbility program enables homeowners to use their equity to purchase a new home before they leave their current house. The company buys the home, offering a lump sum of cash, then leases the house the customers for three to 18 months while they search for a new home.
Existing investor Blumberg Capital led the Series A, which included a $12 million equity, according to the company. Both returning and new investors, including Montage Ventures, Kairos, FJ Labs, Correlation Ventures, 500 Start-ups, and Rubicon Ventures, also participated in the financing round.
“We are continuing to create flexible homeownership products that enable homeowners to access their equity,” said EasyKnock CEO Jarred Kessler. “With MoveAbility, we’re offering homeowners autonomy of the process of bridging between their current home and their future home. As roughly 5 million homes are sold every year, millions of Americans can benefit from our program.”
