Financing commonly stamina Boston-established organization’s continued national expansion
BOSTON, (Industry NEWSWIRE) — Hometap, which provides a sensible, new loan alternative for making use of domestic security without using up personal debt, now announced which have covered $100 million in the the latest capital. The main city raise is sold with ICONIQ Funding, LLC and additionally Hometap’s latest investors General Stimulant, G20, Pillar and you can American Loved ones Potential, the promotion arm regarding AmFam Insurance rates.
With this additional financing, Hometap plans to continue the nationwide 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 Secures $100 mil to assist Far more U.S. Home owners Accessibility their property Security As opposed to Taking up Loans
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 from property owners are feeling home rich 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 Data, 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 http://paydayloansconnecticut.com/candlewood-shores 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. regarding Monroe, New york. 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.
Including permitting residents discover the brand new security in their residential property to deal with monetary needs otherwise pursue future opportunities, Hometap is even assisting to resolve a significant investment allotment condition throughout the You.S. Home owners can now make use of the money accumulated in their house purchasing other property to help you broaden the portfolio and you will correct size its financial obligation. On the other hand, the company offers their buyers accessibility the newest You.S. domestic market, a valuable asset category which was in past times tough to availability.
We have been happy to be using having Hometap. With an incredibly clear, customer-first strategy, they are getting an important choice to the problems confronted because of the many property owners, said Nugi Jakobishvili, ICONIQ’s Chief Resource Manager. Because traders, it is unusual to get possibilities on the mixture of an attractive house reputation, a skilled administration cluster, therefore the possibility to give meaningful financial positive points to domiciles around the the world. Hometap’s strong table of high quality, high ethics pros has generated an exceptional platform that will help line-up property owners and you will traders. He could be very better-positioned to lead the organization we’re watching on the market.
