Knock has expanded its array of home financing tools to Michigan, according to a press release.
As of Thursday, Knock’s Home Swap and Knock GO, its “same-as-cash” mortgage product, will be offered to consumers in the Detroit, Ann Arbor and Flint through its network of partner agents.
The announcement puts Knock in 69 total markets after growing by 51 in 2021.
At Inman Connect Las Vegas, Knock co-founder and CEO Sean Black said the company was in 65 markets, and would be in 75 markets “as of next week.”
That suggests Knock plans to launch in six more markets soon. In an email to Inman, Black was less specific on the timing of new markets, stating that, “we plan to announce additional markets by year-end.” He did not specify how many additional markets are in the works.
The company announced Knock GO in October. The mortgage product is targeted at the general buying market, providing a competitively priced conventional loan packaged as a “Guaranteed Offer” because it allows buyers to offer without a financing contingency. It comes with a 30-day closing guarantee, even if the loan isn’t clear to close, and appraisal gap protection.
Home Swap, however, is a pre-funded bridge loan provided to sellers to help them move before selling, prepare their listing for the open market with Home Prep Concierge, and provide six months of mortgage coverage.
Brokerages in the greater Detroit area already part of Knock’s team include, The Perna Group Realtors – Keller Williams, Keller Williams – Jeff Glover and Associates Realtors, The Integrity Team and Keller Williams Paint Creek, Weichert Realty St. Clair Shores and House Want Realty.
To date, Knock claims to have certified 270 real estate brokerage firms and more than 107,000 agents in approximately 5,200 ZIP codes nationwide.
At Inman Connect, Black mentioned the company has started advertising to consumers in the Portland area to augment the efforts of its certified agents.
“I don’t think agents are going anywhere,” he said in Las Vegas, where the company revealed a new slogan, “In agents we trust.”
Black also told the Connect audience that its total fundraising is around $600 million.
Knock has made it clear it has plans to go public and that strategic hires have been made to make it happen.
Knock is also among a growing list of companies offering alternative financing models and technology tools to improve upon the traditional mortgage process. Flyhomes, Ribbon, Orchard and Better are among some of Knock’s competitors in the space.