Financing tend to strength Boston-based businesses proceeded national expansion
BOSTON, (Industry NEWSWIRE) — Hometap, that gives an intelligent, the new financing alternative for tapping into domestic security instead of trying out personal debt, today revealed it keeps shielded https://simplycashadvance.net/payday-loans-in/ $100 mil into the the latest financing. The main city increase includes ICONIQ Resource, LLC including Hometap’s latest investors General Stimulant, G20, Mainstay and you can Western Nearest and dearest Opportunities, brand new venture arm out-of AmFam Insurance.
With this additional financing, Hometap plans to keep its 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 billion to simply help Way more You.S. Property owners Accessibility their house Collateral Instead of Trying out 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 bulk of home owners are currently feeling domestic 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 Studies, 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. from 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.
As well as providing home owners unlock the equity within their home to address monetary requires or follow upcoming potential, Hometap is also helping resolve a life threatening house allocation state from the U.S. Home owners are now able to utilize the money collected in their house to invest in other assets to help you broaden its profile and you may proper dimensions their obligations. While doing so, the firm is providing its dealers use of the You.S. domestic housing market, a secured item category that has been prior to now difficult to supply.
The audience is very happy to end up being spending having Hometap. With a highly clear, customer-basic means, he could be delivering an important solution to the problems confronted from the of several residents, told you Nugi Jakobishvili, ICONIQ’s Captain Financial support Manager. Since people, it’s rare to locate potential to the blend of an appealing house character, a skilled administration team, and possibility to provide important monetary positive points to houses across the country. Hometap’s strong workbench of high quality, higher ethics pros has generated an exceptional system that will help line up property owners and you will dealers. He could be extremely really-positioned to guide the growth we have been seeing in the industry.
