The acquisition continues the sale-leaseback company’s quest to offer homeowners a way to leverage their equity without losing their home.
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Home sales and leaseback platform Easyknock continued its expansion on Tuesday, announcing the acquisition of home equity firm Balance Homes for an undisclosed price.
EasyKnock serves existing homeowners by allowing them to purchase a home and continue living there as a renter. Balance Homes offers homeowners access to their equity as an alternative to traditional cash-out refinances and home equity loans.
EasyKnock CEO Jarred Kessler said, “The acquisition of Balance Homes will expand EasyKnock’s existing It complements our sale-leaseback services.”
EasyKnock said the acquisition comes at a time when lenders are rejecting applications for mortgage lines of credit. 46% chanceaccording to the Federal Financial Institutions Examination Council.
Kessler said Balance Homes co-founders Judd Schoenhotolz and Aaron LaRue will join Easyknock in leadership roles. Kessler said Schoenholz will become chief revenue officer and LaRue will join as chief technology officer.
EasyKnock has been working on adding more services to its portfolio in recent months. The acquisition of Balance Homes is just the latest effort to give homeowners more flexibility.
easy knock announced in may The company announced at the time that it had acquired electricity purchasing company Ribbon, which it said at the time would allow it to expand its customer base by offering cash offer services to homebuyers.
The deal brings together two companies that previously worked on opposite ends of home sales: homeowners and homebuyers.
Balance markets itself as a way for homeowners with low credit scores to access equity and pay off debt while keeping their homes. The company repays customers’ mortgages in exchange for ownership of their homes.
“This acquisition is the next step in EasyKnock’s clear path to leading the industry as the first platform to provide customers with alternative solutions for buying, selling, financing and leveraging new homes in one place.” said Kessler.
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