EasyKnock, a home sales/leaseback company that allows homeowners to release the equity on their home, has closed $215 million in Series A debt-equity funding according to an announcement on Thursday.

Existing investor Blumberg Capital led the funding round, which included contributions from Montage Ventures, Kairos, FJ Labs, 500 Startups, Correlation Ventures, and Rubicon Ventures. The Series A funding round comes on the heels of a $103.5 million seed funding round in Sept. 2018, and will go toward the expansion of the EasyKnock’s team, market availability, and technology.

Most importantly, the $215 million will assist in the launch of MoveAbility, a new program that enables homeowners to sell their property to EasyKnock and stay in the home as renters during their search for a new home to buy and own.

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

EasyKnock will provide a purchase offer within 24 hours of applying, which includes a 70 percent upfront equity cash-out, a market-rate monthly rent, a 1.5 percent transaction fee, and a 2 percent closing fee. If a homeowner decides to use a real estate agent, they’ll also have to pay a 5-6 percent real commission.

In the end, EasyKnock says homeowners will pay anywhere from 3.5 to 9.5 percent of their home’s value for the cost of selling and leasing back.

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