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About EasyKnock
Industries
Financial Services
Real Estate
Company Size
11-50
Company Stage
Series D
Total Funding
$122.3M
Headquarters
New York City, New York
Founded
2016
Overview
EasyKnock provides residential sale-leaseback solutions, allowing homeowners to access the equity in their homes without needing a credit score or debt-to-income ratio. The process involves EasyKnock purchasing the client's home and leasing it back to them, enabling clients to stay in their homes while receiving cash for various financial needs. Unlike traditional home equity loans, this model offers flexibility and quick transactions, typically taking 4-6 weeks to complete. EasyKnock generates revenue by charging rent to homeowners and benefits from any increase in the home's value. Additionally, the company covers certain home expenses like taxes and insurance, further easing the financial burden on clients. The goal of EasyKnock is to provide a practical alternative for homeowners to access their home equity while maintaining their residence.
Simplify's Take
What believers are saying
- Increased demand for alternative financing due to rising interest rates benefits EasyKnock.
- Growing interest in PropTech innovations aligns with EasyKnock's technology-driven solutions.
- Partnerships with platforms like FinLocker enhance customer value with financial health tools.
What critics are saying
- Legal challenges in Connecticut could lead to financial penalties and reputational damage.
- Closure of operations may result in unresolved customer service issues and legal claims.
- Reliance on debt financing poses financial risks if asset liquidation doesn't cover liabilities.
What makes EasyKnock unique
- EasyKnock offers sale-leaseback solutions without requiring credit scores or DTI ratios.
- The company covers home expenses like taxes and insurance, providing financial relief.
- EasyKnock allows homeowners to access equity without moving, offering flexibility.
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Funding
Total Funding
$122.3M
Below
Industry Average
Funded Over
5 Rounds
Industry standards
Growth & Insights and Company News
6 month growth
↓ -1%1 year growth
↑ 23%2 year growth
↑ 23%Three weeks ago, the state filed suit against EasyKnock in state Superior Court, asserting the company violated the Connecticut Unfair Trade Practices Act.
Residential sale-leaseback platform EasyKnock has shut down its operations. “After many years of serving consumers, EasyKnock has closed its doors,” a message on the company’s website states. “We are deeply grateful for the trust placed in us to be part of the financial journey of so many. While EasyKnock may no longer be around, arrangements have been made to ensure continued services for our customers.”Founded in 2016, EasyKnock’s business model allowed homeowners to sell their properties to the company but remain as renters while receiving cash for their financial needs. According to Crunchbase data, the startup raised ~$300 million in debt and ~$125 million in equity. Earlier this year,
Launched in 2016 and based in New York City, EasyKnock closed a $3.5 million seed funding round in 2018 that included $100 million in new debt funding from investors including Montage Ventures, Crestar Partners and Blumberg Capital.
They filed suit against EasyKnock in October 2021, declaring that the company had no right to title or ownership, along with violations of the Truth in Lending Act, allegations of fraud and other charges.
The arbitrator dismissed their claims against the company and awarded EasyKnock damages and attorneys' fees for their failure to pay rent under the parties' lease.
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About EasyKnock
Industries
Financial Services
Real Estate
Company Size
11-50
Company Stage
Series D
Total Funding
$122.3M
Headquarters
New York City, New York
Founded
2016
There are no jobs for EasyKnock right now.
Find jobs on Simplify and start your career today