Capital tend to strength Boston-mainly based organization’s went on national expansion
BOSTON, (Business NEWSWIRE) — Hometap, that provides a smart, brand new loan alternative for making use of family security without taking up financial obligation, now announced this features protected $100 million inside the fresh new financing. The capital increase includes ICONIQ Funding, LLC including Hometap’s newest people General Stimulant, G20, Mainstay and you can Western Family unit members Potential, the fresh strategy arm regarding AmFam Insurance.
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 Obtains $100 mil to assist A great deal more U.S. Home owners Availableness their property Equity As opposed to Taking on Obligations
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 most off residents are perception house 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 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. out-of 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.
Plus providing people unlock the latest security in their property to deal with monetary need or pursue future opportunities, Hometap is also helping to solve a life threatening advantage allowance condition regarding U.S. People can make use of the riches built up in their home to invest in almost every other property to help you broaden its collection and you will right size their personal debt. At exactly the same time, the company is offering their people access to new U.S. residential real estate market, a secured asset classification that has been previously tough to availability.
We have been thrilled to feel expenses which have Hometap. With a highly clear, customer-basic strategy, he could be bringing an important solution to the problems confronted by of several homeowners cash loan Inglenook, said Nugi Jakobishvili, ICONIQ’s Master Financing Administrator. While the buyers, it’s rare to acquire possibilities on mix of a stylish asset character, a skilled administration party, in addition to potential to render important financial positive points to domiciles round the the world. Hometap’s deep counter of top quality, high ethics masters has created an excellent system that can help line-up property owners and you can buyers. He or she is very better-arranged to guide the development the audience is seeing in the industry.
