Summary
According to the Atlanta-based company, the $100 million bond issuance will be used exclusively to fund Knock’s Bridge Loan products.
The buy-before-you-sell real estate fintech Knock announced the successful close of its inaugural $100 million securitization.
According to the Atlanta-based company, the $100 million bond issuance will be used exclusively to fund Knock’s Bridge Loan products. Cantor Fitzgerald & Co. served as the initial purchaser and bookrunner for the transaction.
Knock also announced an increase of its maximum bridge loan amount to $1 million from $750,000, expanding purchasing power for homebuyers in higher-priced markets like California and Washington, and it stated it is now profitable after 10 years in business.
“The fact that this offering was oversubscribed is a powerful endorsement of the Knock Bridge Loan as a stable, reliable investment,” said Knock co-founder and CEO Sean Black. “Accessing the bond market not only reinforces investor confidence in our model but also opens up a new channel of capital we plan to continue tapping into as we expand capacity and make the Knock Bridge Loan available to more lenders nationwide.”
