Resource have a tendency to strength Boston-established organizations went on federal extension
BOSTON, (Industry NEWSWIRE) — Hometap, that offers a sensible, the loan substitute for tapping into home equity in place of trying out financial obligation, now revealed so it possess shielded $100 million inside this new capital. The administrative centre boost comes with ICONIQ Financial support, LLC and Hometap’s current traders General Stimulant, G20, Pillar and you may Western Family members Options, the latest promotion arm of AmFam Insurance.
With this additional financing, Hometap plans to keep its all over 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 Obtains $100 million to greatly help Far more U.S. Residents Supply their residence Equity Without Taking on Personal debt
We’ve been working diligently towards our mission of making homeownership less stressful and more accessible for as many company web site 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 most off residents are presently perception domestic steeped and cash 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 Studies, 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, North carolina. 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 permitting residents unlock brand new guarantee in their house to deal with economic means or realize future ventures, Hometap is even helping solve a life threatening house allotment situation in the You.S. Residents can make use of the wealth accumulated in their house to buy other possessions so you’re able to diversify the profile and you may best size the personal debt. At exactly the same time, the organization is offering its investors entry to the newest You.S. home-based housing market, a secured item group that has been prior to now difficult to access.
We’re pleased to be purchasing which have Hometap. Which have a very transparent, customer-earliest approach, they are providing a very important solution to the issues encountered by the of numerous people, said Nugi Jakobishvili, ICONIQ’s Head Capital Manager. Once the investors, it is uncommon to obtain ventures for the mixture of a nice-looking investment reputation, a talented government group, additionally the possibility to offer meaningful financial advantages to homes across the nation. Hometap’s deep table of high quality, high stability benefits has created an excellent system that assists line-up homeowners and dealers. They are extremely better-organized to guide the development we’re watching on the market.