Hometap Obtains $100 mil to greatly help More You.S. Homeowners Availability their home Security In the place of Trying out Financial obligation
Capital will power Boston-built businesses proceeded federal expansion
BOSTON, (Business NEWSWIRE) — Hometap, which provides a smart, the loan alternative for experiencing household security instead of trying out obligations, today launched which features secure $100 billion when you look at the the fresh new investment. The main city raise boasts ICONIQ Investment, LLC in addition to Hometap’s latest buyers Standard Stimulant, G20, Pillar and American Members of the family Ventures, the strategy sleeve out of AmFam Insurance coverage.
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 Obtains $100 million to simply help More U.S. Residents Accessibility their property Equity Without 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 most from people are presently impression household 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 look through this site 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. off 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.
Together with helping residents discover the brand new guarantee within their property to deal with monetary means otherwise pursue future opportunities, Hometap is even assisting to resolve a significant house allowance disease regarding You.S. Homeowners is now able to use the wealth collected in their house to invest in most other possessions so you’re able to diversify their profile and you can correct size its loans. Additionally, the business is offering their buyers use of the brand new You.S. residential real estate market, a secured item classification that has been in past times difficult to supply.
The audience is very happy to end up being using having Hometap. That have a highly clear, customer-basic approach, he could be delivering an important substitute for the difficulties faced of the of many home owners, told you Nugi Jakobishvili, ICONIQ’s Chief Capital Officer. Because the dealers, it is unusual to obtain opportunities into the mix of a nice-looking asset character, a talented management cluster, and possibility to provide meaningful economic advantages to properties across the country. Hometap’s strong counter of top quality, large ethics positives has created an exceptional platform that can help line-up homeowners and you may traders. He’s very better-organized to lead the organization we have been watching on the market.
