Financial support commonly power Boston-based company’s proceeded national extension
BOSTON, (Industry NEWSWIRE) — Hometap, that gives a smart, this new mortgage alternative for tapping into house guarantee versus taking up loans, today revealed this has actually secure $100 mil when you look at the new funding. The capital increase comes with ICONIQ Money, LLC and additionally Hometap’s newest people Standard Catalyst, G20, Mainstay and you may American Family unit members Options, the brand new promotion arm regarding AmFam Insurance.
With this additional financing, Hometap plans to keep their across 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 billion to greatly help More You.S. Home owners Availableness their house Equity Rather than 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 majority away from home owners are presently perception home 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 Study, 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 personal loans Alabama 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 enabling property owners unlock brand new equity within land to deal with monetary means or pursue coming options, Hometap is even helping solve a life threatening house allowance problem in the U.S. Home owners can now use the riches gathered in their home to invest in most other property in order to broaden its collection and you can best dimensions its personal debt. While doing so, the organization is providing its traders the means to access the fresh new U.S. domestic housing market, a secured asset classification which had been in past times difficult to availableness.
The audience is thrilled to feel using that have Hometap. With a highly transparent, customer-basic method, he’s getting a valuable choice to the issues confronted by of several home owners, said Nugi Jakobishvili, ICONIQ’s Head Funding Officer. Because dealers, its unusual to get ventures into blend of an attractive asset reputation, a talented government people, and potential to bring significant financial positive points to domiciles across the the nation. Hometap’s deep table of high quality, high ethics professionals has established an excellent system that assists line-up people and you may investors. They are extremely really-arranged to lead the development we’re witnessing in the industry.