Financial support will energy Boston-created business’s proceeded federal expansion
BOSTON, (World NEWSWIRE) — Hometap, that provides a sensible, the fresh mortgage alternative for experiencing home collateral instead of taking up loans, now launched this keeps protected $100 billion in the the new financing. The main city raise comes with ICONIQ Investment, LLC and additionally Hometap’s current people Standard Stimulant, G20, Mainstay and you may American Loved ones Solutions, the campaign case of AmFam Insurance.
With this additional financing, Hometap plans to continue its across 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 Secures $100 billion to help Even more U.S. Home owners Supply their residence Equity Instead of Taking on 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 bulk regarding residents are presently effect family rich 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 Research, 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, 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.
And additionally permitting residents discover the brand new equity within house to address economic means or realize coming potential, Hometap is also helping resolve a serious house allotment problem on U.S. Home owners can now utilize the money collected in their house purchasing most other property to help you diversify the portfolio and you may best proportions the loans. In addition, the firm offers the investors accessibility the new You.S. home-based market, an asset classification that has been in the past tough to accessibility.
We have been happy to be paying that have Hometap. With an extremely clear, customer-very first method, he could be delivering a very important solution to the challenges faced of the many home owners, said Nugi Jakobishvili, ICONIQ’s Head Money Officer. Once the buyers, it is rare locate opportunities on blend of an attractive asset character, a talented government cluster, and https://paydayloansconnecticut.com/north-grosvenor-dale/ potential to promote meaningful monetary positive points to home across the the country. Hometap’s deep table of high quality, highest ethics gurus has generated a superb system that will help line up homeowners and people. He could be extremely really-organized to guide the growth we’re witnessing on the market.