EasyKnock closes $215M fundraising round to launch home sale-leaseback program

Blumberg Capital led the debt-equity funding round

May.May 09, 2019 05:00 PM
EasyKnock CEO Jarred Kessler

EasyKnock CEO Jarred Kessler

UPDATED, May 10, 2:05 p.m.: EasyKnock closed $215 million in Series A funding to launch a new program that allows homeowners to sell their property and remain as renters as they search for a new home.

The program, called MoveAbility, will be available for homeowners in Texas, Florida, Georgia, Kansas, Michigan, Arizona, Indiana and Ohio. Blumberg Capital led the debt-equity funding round, which included investments from Montage Ventures, Kairos, FJ Labs, 500 Startups, Correlation Ventures, and Rubicon Venture Capital, Inman reported.

“With MoveAbility, we’re offering people a bridge between their current home and their future home, which is something millions of Americans need,” EasyKnock CEO Jarred Kessler said in a statement.

Within 24 hours of applying, the New York-based home sale/leaseback company will make an offer to homebuyers that will include a 70 percent upfront equity cash-out, monthly rent, a transaction fee and a closing fee. A homeowner would also have to pay a 5 to 6 percent commission if they choose to use real estate agents.

Homeowners will end up paying between 3.5 percent to 9.5 percent of their home’s value to sell and lease it back. They can remain as renters for up to 18 months.

EasyKnock will also use its latest fundraising round to expand Sell & Stay, EasyKnock’s home equity line of credit leaseback program that lets homeowners cash out of their home’s equity and remain as renters for up to three years. After three years, owners can buy their houses back or move out and cash out on the remaining equity.

Sell & Stay, which is in the same markets as MoveAbility, is expanding to Colorado and Virginia.

In September, EasyKnock raised $103.5 million in seed funding. [Inman]Katherine Kallergis

Correction: An earlier version of this story stated that Rubicon Ventures is an investor. It is Rubicon Venture Capital. 

Related Articles

Shoma Group CEO Masoud Shojaee and a rendering of Ten30 South Beach

Shoma nabs $18M construction loan for condos near Lincoln Road

Rendering of Wynwood 28 and Laurent Morali 

Kushner lands $18M loan for Wynwood projects

Matt Rieger and a rendering of Paradise Lake Apartments

Developer scores financing for West Kendall affordable housing project

Wynwood 25 and Wynwood Annex with Jon Paul Perez and Jonathon Yormak (Credit: East End Capital/Related Group)

Related, East End score $136M refi of Wynwood projects

These real estate power players are involved in 2019’s juiciest lawsuits (Credit: Getty Images)

Here are South Florida’s juiciest lawsuits of 2019

Best of TRD 2019 promo

Coming soon: The Real Deal’s Best of 2019

Madison Realty Capital'a Josh Zegen and Fort Partners' Nadim Ashi  

Four Seasons in Fort Lauderdale scores $210M loan

From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project