—Buyers Can Leverage Current Equity to Purchase Their Next Property—
Calque, the leader in enabling traditional lenders to offer buy-before-you-sell programs, has launched The Trade-In Mortgage™ with Blok, a real estate agent services platform designed to enhance end-to-end services for their real estate partners. Together, Calque and Blok will offer an innovative approach to mortgage lending for homebuyers across the state of Tennessee, including Chattanooga, Knoxville, Memphis and Nashville.
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Calque, launched in 2021, empowers homeowners to use the equity in their current home to buy their next home with The Trade-In Mortgage. Unlike other buy-first mortgage lending solutions, homeowners can work with Blok-affiliated real estate professionals at Luxury Homes of Tennessee and Lufe Tennessee, to buy their new home using a conventional lending product without necessarily selling their existing home, first.
Homebuyers in Tennessee face the same challenges that buyers across the country are facing right now. Home equity has risen sharply and many homeowners are sitting on significant equity in their current home, but they are cash-strapped to purchase their next home. With The Trade-In Mortgage, a homebuyer can make a non-contingent offer that is as good as cash on a new home.
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“Our mission at Blok is to offer innovative solutions to our affiliated real estate professionals,” said Shaun Minnie, Owner of Blok. “Real estate agents want to provide the best possible experience for their clients, especially in a competitive market with rising interest rates and limited inventory. By introducing The Trade-In Mortgage, our agents can help their clients minimize the complexities and stress of buying and selling homes simultaneously. Finally, we found a product that turns equity into cash.”
“Calque partnered with Blok to provide options for homeowners throughout Tennessee,” said Peter Kallodayschsack, head of operations at Calque. “These buyers can use the equity in their current home to make a larger down payment on their next home. This found-cash can help offset the size of the new mortgage and bring the monthly payment into reach.”
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