Calque Unveils ‘Light’ Version of its ‘Buy Before You Sell’ Offering


Touted as faster and more affordable, Calque’s new “Contingency Buster” product is tailored to homeowners who don’t need to tap their equity when buying their next home, executives say.

Whether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate leaders Jan. 22-24, 2025.

Calque — a fast-growing fintech that partners with lenders to offer “buy before you sell” services — has rolled out a “light” version of its flagship offering that’s tailored for homeowners who don’t need to tap their equity when buying their next home.

Austin, Texas-based Calque has been signing up lenders at a rapid clip to offer its flagship product, “The Trade-In Mortgage,” which allows homebuyers to use a bridge loan or HELOC to tap their equity for a down payment on their next home.

The new “Contingency Buster” offering is a faster and more affordable solution for homeowners who have already saved up for a down payment, the company said Tuesday.

TAKE THE INMAN INTEL INDEX SURVEY FOR AUGUST

Calque isn’t a lender, but provides a purchase price guarantee that covers the existing mortgage balance and allows homeowners to make non-contingent offers when trading up or down.

Both The Trade-In Mortgage and Contingency Buster remove the buyer’s monthly mortgage payments on their current residence from the debt-to-income (DTI) calculation, making it easier to qualify for a bigger loan.

If buyers don’t need to tap the equity on their existing home, Calque can charge a lower fee for providing the purchase price guarantee on the Contingency Buster product.

The Contingency Buster also provides an expedited 48-hour approval process with a binding offer after a “virtual walk-through” of the property. If accepted, homeowners have up to 150 days to sell their home on the open market.

“Calque’s flagship program, The Trade-In Mortgage, was created for homeowners who want to tap their current home equity before they sell to make a bigger down payment, pay off debt, or increase cash reserves,” Calque said in announcing the new product. “Over the years, Calque saw a growing market opportunity for a lighter ‘buy before you sell’ product that does not need to accommodate a second mortgage because many borrowers have enough cash on hand to make a down payment on their new home.”

Founded in 2020 by Talroo executive Jeremy Foster, Calque appointed Michael Bremer, a former CoreLogic executive, as CEO in March.

Michael Bremer

“With the introduction of the Contingency Buster, we are elevating our commitment to providing faster, more cost-effective options that pave the way for seamless homebuying and selling experiences,” Bremer said in a statement.

Calque’s competitors in the cash offer and power buyer business include Flyhomes, Knock, Ribbon and HomeLight — which this week announced it had landed $20 million in new equity funding and expanded its flagship “Buy Before You Sell” product to 40 new states.

Lender partnerships Calque has announced this year include:

Get Inman’s Mortgage Brief Newsletter delivered right to your inbox. A weekly roundup of all the biggest news in the world of mortgages and closings delivered every Wednesday. Click here to subscribe.

Email Matt Carter





Source link