Money often stamina Boston-dependent businesses went on federal extension
BOSTON, (Industry NEWSWIRE) — Hometap, that provides an intelligent, the brand new mortgage substitute for tapping into household security in place of using up personal debt, now revealed so it possess secure $100 billion within the the brand new financial support. The main city boost boasts ICONIQ Capital, LLC also Hometap’s current people Standard Stimulant, G20, Pillar and you may American Family unit members Possibilities, brand new strategy sleeve regarding AmFam Insurance coverage.
With this additional financing, Hometap plans to keep 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 greatly help So much more You.S. Homeowners Availability their home Collateral Rather than Taking up 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 majority out-of people are 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 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. away 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.
Including enabling people unlock brand new guarantee within residential property to address monetary means otherwise pursue upcoming solutions, Hometap is even assisting to solve a life threatening resource allotment situation regarding the You.S. Property owners can use the riches built up in their house purchasing almost every other assets in order to diversify the portfolio and right dimensions their debt. At exactly the same time, the company is providing its buyers entry to the brand new U.S. residential real estate market, a secured item group that was before tough to availableness.
We have been happy to become using that have Hometap. Having an incredibly clear, customer-earliest method, he or she is bringing an important solution to the problems confronted by the of numerous people, told you Nugi Jakobishvili, ICONIQ’s Master Capital Administrator. Since investors, it is uncommon locate ventures on the mixture of an online installment loans West Virginia attractive house character, a talented government group, additionally the possibility to promote significant economic positive points to houses all over the world. Hometap’s strong table of high quality, large ethics masters has generated an excellent platform that will help line up residents and you will people. He could be incredibly well-organized to guide the organization we’re seeing on the market.
