Knock provides a bridge loan solution that allows homeowners to access the equity in their current property to finance the purchase of a new home without the need to sell first. This approach enhances buyers' competitiveness by removing the contingency of selling their existing home, streamlining the transition to homeownership.
Funding
$808.9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
FGFounders
Product
Problem
Homeowners often face challenges when trying to buy a new home while still owning their current property, as they must either sell their existing home first or manage the complexities of a contingent offer. This situation can limit their buying power and make them less competitive in the market.
Solution
Knock provides a bridge loan that allows homeowners to leverage the equity in their current home to purchase a new one before selling their existing property. This enables buyers to make non-contingent offers, increasing their competitiveness and streamlining the home-buying process. The loan covers expenses such as the down payment, repairs, and moving costs, while also removing the current mortgage from the new mortgage calculation, potentially increasing purchasing power. By aligning incentives, Knock aims to help homeowners maximize the sale price of their existing home.
Target Audience
The primary target audience includes homeowners looking to purchase a new home without selling their existing property first, as well as real estate agents and lenders seeking innovative solutions for their clients.
Features
- Bridge loan product enabling homeowners to buy a new home before selling their existing one.
- Non-contingent offers to increase competitiveness in the market.
- Coverage of expenses including down payment, repairs, and moving costs.
- Removal of current mortgage from new mortgage calculation.
- Collaboration with real estate agents and lenders.