Hometap Protects $100 billion to aid So much more U.S. Property owners Availableness their home Collateral Versus Taking up Loans
Financial support often power Boston-built organization’s continued federal extension
BOSTON, (Community NEWSWIRE) — Hometap, which provides a sensible, brand new financing substitute for experiencing family equity versus trying out financial obligation, now announced which provides covered $100 mil into the the fresh funding. The main city increase comes with ICONIQ Financing, LLC and additionally Hometap’s newest buyers Standard Catalyst, G20, Pillar and you may American Family members Opportunities, the new strategy arm from AmFam Insurance coverage.
With this additional financing, Hometap plans to remain their nationwide 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 aid Significantly more You.S. Homeowners Availableness their residence Equity Rather than Trying out Obligations
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 regarding property owners are presently impact 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. 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 people discover the fresh guarantee inside their house to handle economic need otherwise go after upcoming solutions, Hometap is additionally assisting to resolve a critical investment allowance problem from the U.S. Property owners can make use of the money collected in their home purchasing most other possessions so you’re able to diversify the portfolio and you will correct dimensions their financial obligation. Additionally, the business offers its traders the means to access the You.S. home-based housing market, a valuable asset category which was in past times hard to availability.
The audience is very happy to be using that have Hometap. Having an extremely clear, customer-basic strategy, they are bringing an important choice to the payday loan alternative Sail Harbor issues confronted by the of many residents, told you Nugi Jakobishvili, ICONIQ’s Chief Resource Manager. As people, it’s rare to get ventures into blend of an appealing asset profile, a gifted government team, and the potential to promote significant financial benefits to house all over the world. Hometap’s strong workbench of high quality, high integrity masters has generated an excellent platform that helps line up people and traders. He could be very really-organized to guide the organization the audience is witnessing in the business.
