Financing usually stamina Boston-mainly based organizations proceeded national extension
BOSTON, (Community NEWSWIRE) — Hometap, that provides an intelligent, the new loan substitute for making use of home security versus taking up loans, today announced so it have safeguarded $100 million inside the investment. The main city improve comes with ICONIQ Financial support, LLC including Hometap’s most recent investors General Catalyst, G20, Pillar and American Family relations Possibilities, the latest campaign arm off AmFam Insurance rates.
With this additional financing, Hometap plans to continue 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 Secures $100 billion to help So much more You.S. Home owners Access their property Guarantee Rather than 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 vast majority out of homeowners are feeling home 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 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. from 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 advance cash Woodbury Center 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 additionally helping residents open brand new security within their home to deal with financial needs otherwise go after future options, Hometap is even helping to solve a life threatening resource allotment disease regarding You.S. Residents is now able to use the money accumulated in their home to shop for most other assets to diversify its collection and correct dimensions the loans. On top of that, the organization is offering its buyers access to new U.S. residential real estate market, a valuable asset group that has been in earlier times difficult to availability.
We’re pleased to end up being spending that have Hometap. Which have an incredibly transparent, customer-earliest method, he is getting a valuable choice to the challenges confronted from the of a lot home owners, said Nugi Jakobishvili, ICONIQ’s Head Resource Administrator. Because the people, it’s rare to get ventures into the mixture of a stylish house profile, a gifted administration group, together with potential to render important financial positive points to houses all over the country. Hometap’s deep table of high quality, highest stability masters has generated an excellent program that assists align homeowners and you will buyers. He’s extremely well-arranged to guide the organization we have been seeing on the market.