Financial support usually fuel Boston-centered business’s continued national extension
BOSTON, (Community NEWSWIRE) — Hometap, that offers a sensible, the fresh new financing substitute for experiencing family equity in the place of taking on personal debt, today established so it provides covered $100 billion from inside the the capital. The main city improve comes with ICONIQ Money, LLC also Hometap’s latest traders Standard Catalyst, G20, Pillar and you can Western Relatives Potential, the newest promotion case out of AmFam Insurance.
With this additional financing, Hometap plans to keep the all over the country expansion, 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 assist Much more You.S. Property owners Access their residence Equity In the place of Trying out 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 vast majority regarding homeowners are presently impact home 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 Investigation, 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. of 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.
In addition to enabling home owners open the brand new guarantee within land to handle financial means or go after future opportunities, Hometap is even helping to solve a life threatening resource allocation condition on the You.S. Residents can use the riches gathered in their home to get almost every other property so you’re able to broaden the collection and you can right size its personal debt. On the other hand, the business offers their buyers use of new U.S. domestic real estate market, a valuable asset category that has been before difficult to availableness.
Our company is pleased to become paying that have Hometap. That have an extremely clear, customer-basic strategy, online personal loans Georgia they are bringing a very important solution to the problems experienced because of the of many people, said Nugi Jakobishvili, ICONIQ’s Chief Investment Administrator. Once the buyers, its uncommon discover possibilities on the mixture of a nice-looking house reputation, a gifted government cluster, while the possibility to offer important monetary advantages to home across the the country. Hometap’s strong bench of top quality, highest ethics positives has generated an excellent system that can help align people and investors. He could be incredibly better-positioned to lead the development we’re watching in the market.
