Resource will stamina Boston-oriented business’s proceeded federal expansion
BOSTON, (Community NEWSWIRE) — Hometap, that provides a sensible, the latest mortgage substitute for experiencing domestic guarantee instead of taking on financial obligation, now announced that it provides protected $100 mil within the the brand new money. The capital boost is sold with ICONIQ Capital, LLC along with Hometap’s current buyers General Stimulant, G20, Pillar and you can Western Family Ventures, the fresh strategy case out of AmFam Insurance rates.
With this additional financing, Hometap plans to remain their 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 million to help A whole lot more You.S. Property owners Availableness their property Guarantee Instead Trying out 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 majority out-of residents are currently impact family 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 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. off 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.
Along with permitting property owners discover the fresh equity inside their belongings to handle financial demands otherwise go after upcoming possibilities, Hometap is additionally helping solve a serious advantage allowance problem regarding the U.S. People may now utilize the wealth gathered in their home to get other property in order to broaden its collection and correct proportions its debt. In addition, the company offers its buyers the means to access the fresh You.S. home-based real estate market, an asset category which had been significant hyperlink in past times difficult to accessibility.
We are pleased to feel investing with Hometap. That have an incredibly clear, customer-very first means, he could be bringing a very important substitute for the challenges confronted because of the of several homeowners, told you Nugi Jakobishvili, ICONIQ’s Head Money Manager. Because the people, its rare to locate options to your blend of a stylish asset character, a skilled government group, together with potential to offer significant monetary advantages to house across the the country. Hometap’s strong bench of high quality, large ethics benefits has established an exceptional platform that assists line up property owners and you will people. They are very better-arranged to guide the development the audience is seeing in the business.