Hometap Obtains $100 mil to greatly help A lot more You.S. People Availableness their house Equity In the place of Using up Obligations
Capital have a tendency to energy Boston-based businesses went on national expansion
BOSTON, (Community NEWSWIRE) — Hometap, that provides a sensible, the financing alternative for making use of home equity instead taking on debt, now announced this have protected $100 billion inside brand new capital. The capital raise boasts ICONIQ Resource, LLC along with Hometap’s latest dealers General Stimulant, G20, Mainstay and you can American Family Ventures, brand new campaign sleeve of AmFam Insurance coverage.
With this additional financing, Hometap plans to remain 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 Secures $100 mil to assist Even more You.S. Property owners Availability their residence Guarantee In place of Trying out 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 of homeowners are impression house 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 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. 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.
Along with permitting residents unlock brand new collateral in their property to address economic demands or pursue coming ventures, Hometap is even assisting to solve a significant advantage allocation disease regarding You.S. Property owners can now utilize the wealth accumulated in their house to buy other possessions so you can diversify the collection and you will right proportions the financial obligation. At the same time, the organization offers their dealers the means to access the fresh You.S. domestic housing market, a https://paydayloansconnecticut.com/jewett-city/ secured item group that was previously tough to availability.
Our company is thrilled to end up being purchasing having Hometap. Having a very transparent, customer-first means, they are providing an invaluable option to the problems experienced of the of several property owners, told you Nugi Jakobishvili, ICONIQ’s Head Financing Administrator. Because the people, it is rare locate potential on blend of a nice-looking asset profile, a skilled administration people, additionally the possibility to render meaningful monetary benefits to domiciles all over the country. Hometap’s deep bench of high quality, high integrity gurus has established an exceptional program that can help line-up homeowners and you can traders. They are very better-organized to lead the development the audience is watching in the market.
