Financial support usually strength Boston-situated company’s proceeded federal extension
BOSTON, (Industry NEWSWIRE) — Hometap, that provides a smart, the fresh new financing substitute for making use of house security rather than taking up personal debt, today announced so it features safeguarded $100 million for the this new financial support. The capital increase includes ICONIQ Money, LLC also Hometap’s latest people General Stimulant, G20, Mainstay and you can American Loved ones Possibilities, the fresh campaign case away from AmFam Insurance.
With this additional financing, Hometap plans to keep the all over 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 Obtains $100 mil to assist A whole lot more You.S. Home owners Access their residence Security Instead Taking up 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 off residents are presently effect domestic steeped 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. regarding 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 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 helping homeowners unlock the latest equity inside their homes to address economic requires or go after coming options, Hometap is additionally assisting to solve a serious house allocation state regarding U.S. People may now make use of the money accumulated in their house to invest in other possessions so you can broaden the collection and you can proper size the obligations. Riverside cash advance loans At exactly the same time, the business offers their traders use of the brand new U.S. home-based market, a secured asset group that has been in earlier times hard to availableness.
Our company is very happy to end up being expenses with Hometap. Having an extremely clear, customer-earliest strategy, he or she is delivering a valuable substitute for the issues faced by the of numerous home owners, told you Nugi Jakobishvili, ICONIQ’s Head Financial support Manager. Because the buyers, it’s unusual to track down ventures toward mixture of an attractive advantage reputation, a gifted administration class, and the potential to give important financial advantageous assets to house round the the country. Hometap’s deep counter of high quality, large ethics professionals has established a superb platform that assists line up home owners and you will people. He is very really-positioned to lead the growth we are witnessing in the industry.