Resource will stamina Boston-built organization’s continued federal expansion
BOSTON, (Business NEWSWIRE) — Hometap, that offers a smart, the fresh loan alternative for experiencing domestic guarantee in place of taking up financial obligation, now revealed which has protected $100 billion in this new resource. The administrative centre increase has ICONIQ Capital, LLC and Hometap’s latest traders Standard Stimulant, G20, Pillar and you can Western Family unit members Potential, the new campaign arm off AmFam Insurance.
With this additional financing, Hometap plans to continue 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 Secures $100 million to assist More U.S. Property owners Accessibility their home Equity Instead Using up Personal 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 vast majority out-of property owners are presently impression home steeped 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 Research, 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 loan places Conning Towers Nautilus Park 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.
Together with helping property owners discover new equity inside their property to handle monetary requires or go after coming ventures, Hometap is even assisting to resolve a significant resource allotment problem in the U.S. Homeowners can utilize the wealth built up in their home to get most other assets in order to broaden its profile and best size their personal debt. At the same time, the organization offers their investors access to the fresh U.S. home-based housing market, a secured asset classification which had been prior to now tough to accessibility.
The audience is thrilled to end up being paying that have Hometap. Which have a very clear, customer-very first means, he is delivering a very important option to the challenges confronted of the of numerous property owners, said Nugi Jakobishvili, ICONIQ’s Head Capital Manager. As people, it is rare locate ventures towards blend of an appealing advantage reputation, a skilled government cluster, and the potential to bring significant monetary benefits to properties all over the world. Hometap’s strong bench of top quality, high ethics positives has created a superb system that can help fall into line people and you may people. He is very well-positioned to guide the development we are watching in the industry.