Hometap Obtains $100 mil to simply help Even more You.S. Home owners Access their house Equity Instead of Trying out Financial obligation
Financial support usually fuel Boston-centered businesses proceeded national expansion
BOSTON, (Community NEWSWIRE) — Hometap, that gives a smart, the brand new loan alternative for tapping into home guarantee versus trying out financial obligation, now revealed which features secure $100 billion in the fresh financing. The main city improve includes ICONIQ Capital, LLC including Hometap’s latest investors General Stimulant, G20, Mainstay and you may American Family relations Options, the promotion arm away from AmFam Insurance coverage.
With this additional financing, Hometap plans to continue the across the country extension, with the goal of bringing its total reach to approximately 75 percent of U.S. homeowners. The company will also be expanding its platform capabilities and significantly growing its cross-functional team to continue to deliver a best in class homeowner experience.
Hometap Protects $100 mil to aid A lot more You.S. People Availability their property Collateral As opposed to Taking on Financial obligation
We’ve been working diligently towards our mission of making homeownership less stressful and more accessible for as many U.S. homeowners as possible, and we’ve had tremendous success thus far, said Jeffrey Glass, CEO of Hometap. But the fact remains that the majority off people are currently impression household steeped and money poor’, and there’s a lot more work to be done to make home equity investments an option that’s available to everyone. We’re thrilled to have the financial support of such a diverse group of asset-backed and venture investors who can further propel Hometap towards helping millions of Americans free up liquidity from their homes without taking on more debt.
According to Hometap’s 2019 Homeownership Analysis, despite having a need for capital, 73 percent of U.S. homeowners don’t want to take on more debt through traditional financing options such as home equity loans or HELOCS. Hometap provides a smart new alternative to these solutions, enabling homeowners to access a percentage of their home’s current value in exchange for an agreed upon percentage of the future value of their home. By taking an investment in their home, rather than incurring additional debt, homeowners are now able to tap into their home equity without the stress of monthly payments and interest. Hometap’s unique homeowner-first approach, coupled with its simple and transparent pricing model, has allowed the company to differentiate itself and achieve significant market share within the rapidly growing home equity investment category.
One homeowner who turned to Hometap while trying to find a way to fund home renovations and pay off credit card debt is Butch F. off Monroe, Vermont. My wife and I had to start putting home repairs, including a new roof and HVAC system, on our credit cards, said Butch. We knew we had to pay off the credit card debt and were worried that if we didn’t get another home loan, we might have to sell our house. That’s when we started searching for alternatives and found Hometap. Given our financial situation, it was a no brainer – the process was easy, we received our cash in a few weeks and were able to pay off our credit card debt, while having enough cash left over to fix our driveway and yard, which has already helped increase the value of our home.
As well as permitting property owners discover new collateral in their residential property to deal with economic demands otherwise go after upcoming solutions, Hometap is also helping solve a critical investment allocation state on You.S. Residents may now use the riches collected in their house to shop for other assets so you can diversify its collection and you may correct dimensions the financial obligation. As well, the company is providing the people access to the brand new You.S. residential market, an asset category that was prior to now hard to supply.
The audience is very happy to be expenses with Hometap. That have a highly clear, customer-basic strategy, they are taking an invaluable solution to the problems faced of the many residents, told you Nugi Jakobishvili, ICONIQ’s Master payday loans Oregon Financing Administrator. As the traders, it’s uncommon discover potential for the combination of a nice-looking advantage profile, a skilled management team, and also the possibility to render meaningful economic advantageous assets to houses around the the country. Hometap’s deep counter of top quality, highest integrity positives has generated a superb program that assists fall into line homeowners and you will dealers. He could be very better-organized to lead the growth we’re watching in the industry.