Financing tend to power Boston-based organizations went on national extension
BOSTON, (Industry NEWSWIRE) — Hometap, that gives a sensible, the brand new mortgage substitute for tapping into family collateral instead taking up obligations, now revealed this keeps secure $100 million inside the the newest money. The main city improve comes with ICONIQ Financing, LLC in addition to Hometap’s newest traders General Catalyst, G20, Pillar and you will American Loved ones Solutions, the new campaign arm away from AmFam Insurance.
With this additional financing, Hometap plans to continue its 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 Obtains $100 million to aid A great deal more U.S. People Availableness their residence Equity In place of Taking on Loans
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 of residents are currently impression domestic 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 Data, 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, 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 providing property owners open new equity in their homes to deal with economic means otherwise pursue coming opportunities, Hometap is even assisting to resolve a critical advantage allocation problem in the U.S. Property owners is now able to use the wide range built up in their house purchasing almost every other possessions so you can diversify the profile and best size the obligations. At the same time, the company is offering the dealers access to brand new You.S. residential housing market, a valuable asset category that has been previously hard to availableness.
The audience is happy to become investing having Hometap. Which have an extremely clear, customer-first means loans New Canaan CT, he or she is getting a very important option to the challenges experienced by of numerous property owners, told you Nugi Jakobishvili, ICONIQ’s Chief Financial support Manager. While the investors, it’s rare to locate potential towards mixture of an appealing advantage profile, a skilled government people, while the potential to bring significant economic advantages to domiciles across the the country. Hometap’s deep table of top quality, large stability professionals has established a superb system that helps fall into line home owners and you can dealers. He is very well-organized to guide the organization the audience is watching in the market.
