Money often power Boston-established organization’s proceeded national extension
BOSTON, (Business NEWSWIRE) — Hometap, that offers a sensible, the newest mortgage alternative for experiencing house collateral instead taking on obligations, now announced it has protected $100 mil within the this new money. The administrative centre improve comes with ICONIQ Investment, LLC as well as Hometap’s latest traders Standard Catalyst, G20, Pillar and you can Western Household members Potential, the newest strategy arm out of AmFam Insurance rates.
With this additional financing, Hometap plans to continue its nationwide 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 Secures $100 million to greatly help Even more You.S. Home owners Access their home Guarantee Without Using up Personal debt
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 out-of residents are perception house steeped and cash poor’, and there’s a lot more work to be done to make home equity investments loans Suffield Depot 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. 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.
Plus providing homeowners discover new guarantee in their belongings to deal with financial requires otherwise pursue upcoming ventures, Hometap is also helping solve a critical advantage allotment disease from the You.S. People is now able to make use of the wealth built up in their house to order almost every other possessions to help you diversify the collection and you may proper dimensions their financial obligation. In addition, the company is providing its people use of the brand new U.S. home-based housing market, a secured item group that was prior to now difficult to accessibility.
We’re happy to be investing which have Hometap. Which have an extremely transparent, customer-basic strategy, he is providing a very important solution to the difficulties confronted by the of a lot home owners, told you Nugi Jakobishvili, ICONIQ’s Captain Money Officer. Because dealers, it is uncommon to locate solutions towards the mix of a stylish investment character, a talented management party, as well as the potential to render significant economic benefits to homes across the the nation. Hometap’s strong table of top quality, large stability experts has established a superb platform that will help align property owners and you will dealers. He or she is very well-arranged to guide the growth we’re seeing on the market.